Suppliers of steel products used in construction lifted their prices by up to 15 per cent over the past three weeks and have warned of more increases as energy costs soar, an ominous sign that real estate and infrastructure developers will face considerably higher building expenses.
Price rises, which could hit 25 per cent for steel bars and wire used to reinforce concrete slabs, have also spilt over into materials such as cement and gravel, with suppliers including Boral passing on higher fuel bills.
