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Rise in steel prices could slow down property growth

Ronald Ngala Utali college in Kilifi County under construction. Cost of construction in the country is likely to go up as a result of a rise in steel prices. (PHOTO: OMONDI ONYANGO/ STANDARD)


Rising steel prices might slow down real estate growth in the country. Industry players say that global steel prices have more than doubled as Chinese manufacturers reduce their output.

This has been made worse by shortage of local scrap. Insiders say there is a very small fraction of scrap that can meet industry demand current.

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