Tarek El-Gioshy, a member of the Chamber of Metallurgical Industries in the Federation of Industries, confirmed that the rise in iron and cement prices in Egypt is due to its impact on the increase in prices globally, explaining that the price hike will not continue due to certain circumstances, transportation problems and high oil prices.
El-Gyoushi added, during a telephone interview with the media, Azza Mostafa, presenter of the “Tahrir Hall” program broadcast on Sada El-Balad channel today, Monday, that Egypt is also negatively affected by the level of local iron production due to the increase in prices globally by the increase in raw materials, expecting at the same time the stability of iron prices. In the market during the coming period as a result of several indicators.
He pointed out that the world faced a rise in iron prices during past periods, especially the global crisis in 2008 and 2009, before prices returned to stability again, expecting at the same time a decline in iron prices in January of next year.
He stressed that Egypt is witnessing an unprecedented renaissance at the urban level, through which a great demand for the purchase of iron is achieved, explaining that without this renaissance, there would have been a negative impact on prices and on iron factories in Egypt.