Recent Trends in Cement and Iron Prices in Egypt as of 20th of February 2024
In February 2024, Egypt's construction sector witnessed fluctuations in the prices of key materials, with iron prices experiencing a significant drop and cement prices showing stability across various brands.
Recent reports from Egypt have highlighted notable trends in the construction materials market, particularly concerning iron and cement prices. Iron prices saw a substantial decrease of 15,000 EGP per ton after surpassing the 65,000 EGP mark, attributed to the continuous rise of the US dollar in the parallel market, while the official bank rate stood at 30.85 EGP. Egypt, producing about 7.9 million tons of reinforcement steel and importing 3.5 million tons of billets, faces a dynamic market influenced by global economic conditions and domestic supply-demand factors.
Cement prices, on the other hand, have remained relatively stable, with minor adjustments to accommodate VAT and transportation fees. For instance, Wadi El Nile cement was priced at 1980 EGP per ton, reflecting the market's response to various economic pressures. Other brands like Al-Masry cement and Helwan cement were also mentioned, with prices ranging from 2040 EGP to 2070 EGP per ton, and mixed and resistant cement types showing slight variations in pricing.
These developments in Egypt's construction materials market underscore the challenges and opportunities facing the sector, especially in light of global economic uncertainties and local market dynamics. The adjustments in iron and cement prices are critical for stakeholders, from manufacturers to consumers, impacting the overall cost of construction projects and the economy at large.
Sources: El Nabaa and El Bashayer.
