Steel prices are up across the board, and since the Dominican Republic does not produce any steel, this has had an effect across the economy. Steel prices have increased by 20% in some cases. With all steel being imported, the rise in international prices for raw steel bars, the raw material for re-bar that is used in construction, has brought about an increase of nearly 5% in construction costs. Steel wire, used for nails, fencing, and screws has seen a price increase of 19%, going from US$450 per ton to US$535 a ton over the last few weeks. In Steel Week, the industry magazine, the editors foresee that raw steel will continue to increase in price throughout May and June. The weekly also sees the prices of scrap steel going up. US steel mills are reportedly operating at close to full capacity to supply the internal demand as well as the demand from other markets.
President Leonel Fernandez also forecast continued increases in petroleum would make necessary local increases in the price of fuel and electricity.
Link To Original Article
Originally Posted by NewsWhore
Bookmarks