CREDAI appeals to the Government to curb the irrational rise in Cement and Steel prices

Pune, May 9, 2020 : During the past few weeks, despite the stoppage of all construction activities as per the nationwide lockdown norms due to COVID-19, there has been a sudden, steep increase in prices of essential raw materials such as cement and steel by 40% – 50%. This indicates cartelisation and monopolistic trade practices of the cement and steel manufacturers. Given developers’ wafer-thin margins, it will lead to an inevitable increase in the construction and overall project costs, hurting homebuyers. Accordingly, CREDAI has sought immediate Government intervention in addressing the abrupt anomaly in cement and steel pricing.