Egypt has a surplus in its cement market and doesn't need to renew the ban on cement export, pan-Arab Asharq Al Awsat daily reports Saturday citing Rachid Mohamed Rachid, the country's minister of trade and industry.
The ministry hasn't issued a decision to renew the ban that lasted 15 months and that expired Thursday which means that it allows local companies to export clinker and cement again, the paper reports, adding that this follows export requests by local cement producers after three months of slump that followed a boom period stimulated by infrastructure works by the Egyptian government earlier this year.
The demand and supply mechanisms ensure that the local market's needs are met and the ministry doesn't have to interfere, Rachid said according to the daily.
The country's cement output currently stands at 47 million tons and is expected to hit 61 million tons by 2012 after new expansions enter production stage, Asharq Al Awsat reports.
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