Ahmed Al-Zeiny, Cairo Chamber’s Board member said that the sales movement of the building materials in the market especially iron, is almost suspended due to traders' fears of a new drop in prices, causing huge losses. He added that most stores are almost empty and the consumer is reluctant to buy now, with rumors of new declines of 500 pounds per ton.

The prices of reinforcing steel and cement during the previous two weeks decreased ranged between 4 and 10% while iron prices witnessed a new decline. The average price of selling the iron of Ezz Dekheila reached to 8870 pounds per ton for consumers. The price of selling imported iron reached to 8,500 pounds. Cement prices remained unchanged. Average price of ton is 750 pounds for consumers.

He pointed out that the weakness of demand caused the decline in the price of the cement factories license. The state recently had offered 14 licenses to 8 investors and only 3 of them attended the auction. He pointed out that the state previously was giving the license and facilities in a subsidized manner but now offers them without benefits and the investor bears all the costs.