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Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Cement price surge puts a damper on construction materials sector

Cement price surge puts a damper on construction materials sector | Égypt-actus | Scoop.it

As inflation and energy shortages strike Egypt’s economy, construction materials producers are feeling the crunch. The cement industry, in particular, finds itself in the midst of a growing controversy after Trade Minister Hatem Saleh accused private companies of exploiting inflationary pressures by raising prices “unjustifiably” earlier this month.

According to Beltone Financial estimates, local cement prices have gone from LE480 per ton on average to LE550 by the end of 2012. Now prices are well over the LE800 per ton mark.

In response, the government said it was mulling regulating the price of cement temporarily to promote fairness and curb price fixing, while the Shura Council urged the Consumer Protection Agency to take decisive action against cement factories accused of illegally hiking prices for profit.

The price surge has had devastating effects on the housing industry, especially for small contractors. The number of registered contracting and building companies has fallen from 41,000 to 14,000, according to Mohamed Abul Enein, secretary general of the Egyptian Federation for Construction and Building Contractors.

Some closed up shop while others reported bankruptcy as a result of these price hikes and the deteriorating security situation, Al-Masry Al-Youm reported recently.

In an effort to curb price hikes, the Ministry of Industry and Foreign Trade placed a levy on exports. Meanwhile, military-owned Arish Cement said it would cap prices at LE600 per ton.


Alexandre Goudineau / Egypt independent

More : http://www.egyptindependent.com/news/cement-price-surge-puts-damper-construction-materials-sector

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Egypt mulls export duties on cement

Minister of Industry and Foreign Trade, Egypt, Hatem Saleh has announced that the government is considering imposing export duties on cement to curb price hike.

The government has attributed its decision to the unjustified jump in cement prices in the local market and to the lower supply of cement.

The prices of cement have jumped from EGP 420 to EGP 700 per ton.

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Egypt's Shura Council suggests mandatory pricing on cement firms

Egypt's Shura Council suggests mandatory pricing on cement firms | Égypt-actus | Scoop.it

Egypt's Shura Council housing committee (upper house of parliament) suggested imposing mandatory pricing on the country's cement firms on Thursday, following recent cement price hikes made by main cement companies of the market, as the tonne has raised LE200 (about $29) Al Ahramonline reported.

The tonne is currently sold to consumers ranging between LE800 ($118) and LE1200 ($177).

"Egyptian Competition Authority will be tasked with setting the price if the government approves the Shura Council's recommendation," Atef Yacub, the head of Egypt's Consumer Protection Agency, told Ahram online.

He explained that the "unjustified increase in cement prices" is the main reason behind the suggestion of the mandatory pricing. "The rise in energy prices on cement factories doesn't reflect this big lift in prices for consumers," Yacub said.(...)

 

More on: http://en.trend.az/regions/met/arabicr/2129607.html

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