Developers face higher costs as global steel prices up 50%

Real estate project owners are staring at higher costs following a 50 percent increase in global steel prices, driven by rising demand amid supply chain disruptions in India and China due to Covid-19.

Data from the London Metal Exchange, the centre for industrial metals trading, shows that a tonne of steel bars has risen from Sh40,000 in April 2020 to Sh81,000 this week.

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