MANUFACTURING-

Cement producers get greenlight to boost production for November: Cement producers were given the greenlight to boost production by 10% during November by the Trade Ministry, head of the cement division of the Federation of Egyptian Industries Ahmed Shireen Korayem told Al Borsa. This came in response to a request from the division following a spike in demand that local production wasn’t able to meet, which resulted in a big jump in prices. The Trade Ministry will allow for a 15% increase in production for December if high demand persists.

Remember: The Egyptian Competition Authority (ECA)earlier this year extended the cementsupply cut until July 2024 at the request of cement producers who were struggling with low prices, dampened demand, and supply gut. The ECA had initially introduced a one-year 10% supply cut in 2021 after an overflowing supply of cement left many cement makers on the brink of collapse. The cut has been renewed annually since then in response to requests from cement factories.

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