Kenya's Construction Costs Up as Global Steel Prices Soar

Steel prices increased globally in three months following a market shortage of the steel supply

• Leading global market suppliers like China (52%) reported a slump in crude steel production, resulting in high prices
• Market indicators showed a 29.5% rise in steel prices from $1458.37 (KSh 181,057) per tonne reported in October 2022 to $1964.12 (KSh 243,845) in January 2023

The rise in prices leading to increased cost of construction could be transferred to the end users