Egypt: Minister no restrictions on cement prices

Egypt: Minister no restrictions on cement prices
Published: 27 January 2010

Minister of Trade and Industry, Rachid Mohamed Rachid, mentioned that there is no objection to the increase in cement prices, provided that this is justified and logical and would not harm consumer, reported Al-Masry Al-Youm.

The minister said in a statement that the government will not impose any restrictions on the price of cement in the market, but in return will not give up their key role in oversight and regulation of market forces, through the mechanisms provided by the law.

Earlier this week, it was reported that the government rejected an attempt by the cement industry to raise prices based on sustained high demand.

Suez Cement, a subsidiary of Italian company Italcementi, and one of Egypt’s largest cement producers, planned to charge LE 22 more per ton, raising its price from LE 433 to LE 455. Amreyeh Cimpor Cement Co, a subsidiary of Portuguese company Cimpor, had contemplated a similar price hike.

The Ministry of Trade and Industry said it issued a "warning," according to ministry official Hesham Ragab, against potential increases.

Source: Daily News Egypt 2010