Iron prices has witnessed a 100 percent increase since the floatation of the Egyptian pound, Head of the Building Materials Division at the Cairo Chamber of Commerce Ahmed el-Zeiny. He told Amwal Al Ghad that the prices of building materials during the current week where as the prices of iron (factory delivery) range between 9600 Egyptian pounds to 9900 pounds per tonnes. While it reaches the consumers with prices ranging from 9900 to 10,300 per tonnes, he added. El Zeiny further noted that the iron prices will stabilise during the current month a driven by the control of recession on the local market as the decrease in supply and weakness of buying power are taking their toll on the iron sector. Steady global pellet prices along with the high dollar exchange rate resulted in the stability of the iron prices. He also pointed to the stability of cement prices during the current period to record between 650 to 750 pounds per tonnes (factory delivery). In addition, He said that the volume of consumption of iron has reached 600,000 tonnes per month while cement consumption has reached 4 million tonnes per month.
