After the Parallel Dollar Collapse, Prices of Reinforced and Swedish Cement Decline in the Market
In Egypt, on Friday, March 1, 2024, the prices of cement, specifically Swedish and reinforced types, decreased in the local markets, influenced by the decline in the parallel dollar exchange rate.
The cement market in Egypt witnessed a notable decrease in prices today, with Swedish and reinforced cement types seeing a reduction of 40 EGP per ton. Abdelkhalek Farahat, the head of New Delta for Building Materials Trading, reported to "Al-Mal" that the Swedish cement factory has lowered its prices to 2100 EGP per ton for traders. Consequently, the retail price now ranges between 2150 and 2200 EGP per ton after the recent price reduction.
Similarly, the price for a ton of reinforced cement has dropped to 1960 EGP for traders, with consumer prices varying between 2000 and 2050 EGP. Farahat highlighted that the decrease in the parallel market dollar rate against the Egyptian pound played a significant role in reducing the prices of building materials, including a substantial decrease in reinforcing steel prices by an average of 6000 to 7000 EGP per ton this week. This trend is expected to soon reflect on cement prices as well.
Consumers are anticipating further reductions in building material costs, while factories are gearing up to contribute to the Ras El Hekma project, which will require significant production capacities of building materials.
Source: Almal News
