Lawmakers in Egypt call for price controls on building materials amid soaring prices

Lawmakers have called on the government to introduce price controls on building materials amid a recent surge in prices. The cost of reinforced steel was selling at EGP 42k per ton, up 50% during March alone, while cement prices have hit a record EGP 4k per ton. “This astronomical rise has negatively impacted small contractors, with many of them being forced to close doors and lay off workers,” House Budget Committee member Samira El Gazzar said. “The government can intervene by setting obligatory prices for reinforced steel and cement and exercising tight control on the market,” he said.

No more anti-dumping duties? Ihab Mansour, deputy chair of the House Manpower Committee, blamed the inflation on price-gouging merchants, and called on the government to reconsider the anti-dumping duties it enforces on imported steel and cement in efforts to stabilize prices.

What’s next: The Senate will next month open a debate over the steel and cement and building materials markets. “The construction industry contributed 18.7% to GDP and should not be left a prey to monopolistic and greedy practices,” Senator Yasser El Hodeibi said.