FEDCOC: Increase in cement prices in local market 'unjustifiable'

The Federation of Egyptian Chambers of Commerce (FEDCOC) said that the increase in cement prices in local market is "unjustifiable".

In statements to MENA on Monday, Head of the construction materials branch at FEDCOC Ahmed el Zaini said the market price of cement is EGP 800 per one ton, while the fair price should not exceed EGP 600 per ton.

The cement price in local market is EGP 200 higher than the international price that stands at 40 dollars per ton, Zaini added.

As for the steel market, the price of imported steel is nearly EGP 300 less than that in local market, he noted.

The local steel price ranges from EGP 8,200 to EGP 8,700 per ton, he said.

He underlined that Egypt mainly imports iron from Turkey and Ukraine.

Egypt imported 50,000 tons of steel in October, he added.