Last Night’s Talk Shows: Soaring steel prices aren’t “fair” -Cairo Chamber of Commerce
What’s a fair price for steel? A “fair” price for steel would be between EGP 15k-17k per tonne rather than the current EGP 21k/tonne, head of the Cairo Chamber of Commerce’s Building Materials Division Ahmed El Zeiny told Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 8:06). He blamed a lack of regulation for the price hikes, claiming that four steel producers have a “monopoly” on the market. Head of parliament’s industry committee Moataz Mahmoud gave Yahdoth Fi Masr his two cents on the issue (watch, runtime: 6:35).
Why were the talking heads talking steel prices? Prime Minister Mostafa Madbouly stressed the need to maintain fair prices in a meeting with iron, steel and cement manufacturers yesterday, according to a statement. The government is eyeing more support for contractors as the war in Ukraine paired with the EGP devaluation sends materials prices soaring, squeezing developers’ margins and threatening project completion timelines.