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Climbing iron, steel prices cut Kenyan imports by 20 percent
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
Iron and steel imports shrank by 20 percent in the second quarter of the year amid a slowdown in the construction sector.
The latest Kenya National Bureau of Statistics (KNBS) data shows that the imports of iron and steel dropped to 225,126 metric tonnes in the period under review from 282,132 metric tonnes in the corresponding quarter in 2021. Prices of some steel products in Kenya shot up 40 percent in the first quarter due to a shortage occasioned by supply fears related to Russia’s onslaught on Ukraine and the battered shilling.
