Building materials prices skyrocket in Egypt


The prices of building materials increased during March by up to 92%, according to a report issued by the Central Administration of Building Materials of the Ministry of Housing, Utilities and Urban Communities. The price of a ton of steel increased by 4 thousand pounds, at an average current cost of 19 thousand pounds, with a change rate of 39.7% from last year and 25% from last month. The average price of a ton of Portland cement has become 1,500 pounds, with a change rate of about 92.3% from last year, and the average price per cubic meter of ready-made concrete has become 960 pounds, with a change rate of approximately 32.4% from last year. The average price of solid cement bricks has become 1,100 pounds, with a rate of about 4.8% compared to last year.

The head of the Chamber of Metallurgical Industries, Muhammad Hanafi, described the rise in iron prices as the largest. Ezz Steel, Al-Masryyn, Beshai Steel and other companies had announced, two days ago, an increase in steel prices by three thousand pounds per ton. Hanafi expected that the market would witness new increases in prices as the effects of rising demand began.