High steel prices hit constructors

The Russia-Ukraine war is pushing up domestic steel prices, which have already risen by 20%, causing homebuyers and construction firms to shoulder higher expenses.

Steel is among the raw materials experiencing a price hike, following the eruption of the conflict 48 days ago, which has also driven up global oil prices.

Russia is a global steelmaker and exporter, but since its invasion of Ukraine, steel manufacturing in Russia and Ukraine have been suspended or shut down.

"Various steel products have become more expensive. Steel bar prices rose to 28-29 baht a kilogramme, already affecting key business sectors," said Chaichalerm Bunyanuwat, director of the EAF Long Product Steel Producers Association.