The Colombian Chamber of Civil Construction, Camacol, is concerned with the increase of iron and steel prices this year. According to government data, the price of iron and steel in the accumulated period of January 2020 to August this year rose 45.3 percent, year-over-year.
Camacol said increased iron and steel prices hampers the nation’s social housing program, as higher prices might also affect the demand for iron and steel products from 36 sectors that use those products in their supply chain.
The trade group said earlier this month that it would ask the Colombian government to lower import taxes on steel products, so the industrial segments could buy the imported steel due to what Camacol labeled as an insufficient supply of the product.
Despite Camacol’s concern, the Colombian Committee of Steel Producers, CPA, also known as ANDI-CPA, said Colombia could count on the local industry for the supply of steel products to meet the demand of the civil construction segment.