Prices of building materials continue to rise in 2008
Essential building materials like steel, concrete, sand and brick have continued to rise in Egypt in 2008 forcing property developers to increase their prices.
The biggest increases have been seen in the cost of Steel and concrete:
Steel prices rise for the fourth time in 2008.
CAIRO: For the fourth time this year, Al-Ezz Steel Rebars upped prices an extra LE 370 per ton this week, bringing wholesale steel prices to LE 4,580 per ton and consumer prices close to LE 5,000 per ton.Once again, officials from Egypt’s giant steel producer linked domestic upsurges in the sector to leaps in international markets and rises in prices of raw material, which “directly” affect production costs.
The company said that international indicators point towards further hikes in the price of raw billet, predicting it would exceed 40 percent this year.
The firm – which currently controls a solid 65 percent of the market share – has been abruptly raising prices to unprecedented highs since January, and similar increases are expected throughout the year.