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Relief for developers as steel prices drop
Nine steel manufacturers fined Sh338 million by the Competition Authority of Kenya (CAK) for price-fixing and causing artificial shortages of key construction materials, have appealed the decision. PHOTO | SHUTTERSTOCK
The price of steel and steel-based items used in the construction industry has retreated following a fall in global prices of the metal due to flagging demand from China’s real estate sector.
The chairperson of the Kenya Metal and Allied Sector Bobby Johnson told the Business Daily on Monday that steel prices have gone down by about 25 percent in the last nine months, in line with the decline in global steel prices.
