Egypt: Major surge in Yarn prices and expected to further rise during the coming days

The surge in prices is as a result of speculation in the local market and the control of public sector companies in prices and sales to dealers. At the same time owners of textile factories, both those who produce for the domestic market or export can no longer find yarns due to rising global prices.

factory owners demanded that the Holding Company for Spinning and Weaving to provide yarns to factories as it can provide 62% of its needs. some manufacturers required to issue a levy on Egyptian cotton exports.

This came during the meeting held by the Chamber of textile industries, led by its Chairman Mr. Mohamed Murshidi as called for by both of the owners of textile factories, the Holding Company for Spinning and Weaving and the export councils of ready made garments, spinning and weaving and home textiles, Advisor to the Minister of Trade and Industry Mr. Sayed Abu El Komsan, President of the trade agreements in The Ministry of Commerce Mr. Abdul Rahman Fawzi, president of the trade and conventions Ministry of Commerce and Vice Chairman of The Federation of Industries Zaki Bassiouni.