Local cement producers have stabilized cement prices between L.E 555 (Misr Qena) and LE 577 (Sinai Cement) while Egyptian Spanish Co. is the only firm which increased its prices by 2 % to L.E 546 per tonne.
“Stability or even decline in cement prices was expected due to low sales in construction market Ramadan” said Reham Hamza, analyst at Okaz Brokerage.
Local cement producers have stabilized cement prices between L.E 555 (Misr Qena) and 577 (Sinai Cement) while Egyptian Spanish Co. is the only firm which increased its prices by 2 % to L.E 546 per tonne.
“Stability or even decline in cement prices was expected due to low sales in construction market Ramadan” said Reham Hamza, analyst at Okaz Brokerage.
It is worth noting that, fixing prices came after cement companies raised prices by about 5-8 % in August, compared to July prices, after increasing cement sales tax by 5 %/ton.
On the other hand, Ali Mousa, Chairman of Construction Material Department in Cairo Chamber of Commerce, stated that cement prices should witness a retreat during the month in line with construction activity retreat along with decline in international prices.
He added that cement producers won’t lower prices in order to stabilize its profit margins.
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