Significant Drop in Iron and Cement Prices in Egypt's Factories and Markets

On Monday, February 26, 2024, Egypt witnessed a substantial decrease in iron and cement prices before market transactions began, following an announcement by El Garhy Steel Group of a 6,000 EGP reduction per ton due to the recent drop in the dollar rate.

Significant Drop in Iron and Cement Prices in Egypt's Factories and Markets
Photo by Dario Morandotti / Unsplash

The iron industry in Egypt experienced a significant price reduction on Monday, February 26, 2024. El Garhy Steel Group announced a decrease of 6,000 EGP per ton, bringing the price down from 53,300 EGP to 47,300 EGP per ton. This adjustment was attributed to the recent decline in the dollar's value. Additionally, the price of investment-grade iron saw a decrease of more than 2,328 EGP per ton, according to the local and global price portal managed by the Cabinet.

Current Iron and Cement Prices:

  • Investment-grade iron: 54,222 EGP per ton, a decrease of 2,328 EGP.
  • Ezz Steel: 55,820 EGP per ton, a decrease of 1,795 EGP.
  • Suez Steel for Steel: 53,520 EGP per ton, stable.
  • Beshay Steel: 54,000 EGP per ton, stable.
  • Egyptian Steel: 53,000 EGP per ton, stable.
  • El Garhy Steel: 52,000 EGP per ton, stable.

Cement Prices:

  • Grey cement: 2,345 EGP per ton, an increase of 85 EGP.
  • Mixed cement: Ranges from 1,250 to 1,400 EGP.
  • Egyptian cement: 2,200 EGP per ton.
  • Qena cement (Al Masalla): 2,400 EGP per ton.
  • Al Fahd cement: 1,920 EGP per ton.
  • Egyptian cement: 2,060 EGP per ton.
  • Al Nahda cement: 2,400 EGP per ton.
  • Engineer cement: 2,250 EGP per ton.
  • High Dam cement: 2,200 EGP per ton.
  • Military Beni Suef cement: 1,910 EGP per ton.
  • Reinforced cement: 1,980 EGP per ton.
  • Al Nasr cement: 1,930 EGP per ton.

This significant reduction in iron and cement prices before the start of market transactions reflects the dynamic nature of Egypt's construction materials market, influenced by global economic factors such as currency fluctuations. These price adjustments are crucial for industry professionals, including business and technical professionals, research analysts, and other stakeholders in the cement industry, providing them with updated insights for strategic planning and decision-making.

Source: Al Masry Al Youm