The prices of rebar in Egypt recorded a decline in the value ranged between 100 and 300 pounds per ton, to be sold at 9 thousand and 900 pounds, compared to 10,500 pounds at the beginning of this year.
Cement prices also fell by 20 pounds per ton, to sell 820 pounds per ton compared to 840 pounds per ton at the beginning of 2020.
Ahmed al-Zaini, head of the General Division for Building Materials in the Chambers of Commerce, told the Egyptian newspaper “Al-Watan” that the decline in prices came to the continuous decline in the price of the dollar, the abundance of steel supply and price competition between companies.
He pointed out that the decline in cement prices came for several reasons, including a large surplus in production, a decline in domestic demand, as well as the difficulty of export due to lack of competitive prices, in addition to the opening of a new cement factory in Sohag.
He noted that the total production capacity in factories in Egypt reaches 83 million tons annually, while local consumption does not exceed 53 million tons annually, which means that there is a surplus in production of approximately 30 million tons.