The Clap
Egypt Aluminum (EGAL) hiked the price of a ton of aluminum by EGP 8,000 during the past week, while the price for a ton of cables increased to about EGP 90,000, as per the President of the Chamber of Engineering Industries in the Federation of Egyptian Industries (FEI).
What
The decline in the price of the EGP during the past two weeks was the main driver for the increase and there will be other expected price increases.
So What
Egyptalum holds the lion’s share of the aluminum production market in Egypt and exports 80% of its products abroad.
Now What
This is the second increase in aluminum prices during January 2023.
