There is a good news for you if you are planning to build a house. This is because of the sharp fall in steel prices for construction. However, due to the Ukraine-Russia war situation, construction materials have become very expensive in the last few days. Traders also stopped stocking due to sharp rise in construction steel prices. So, the government was also asked to reduce these prices.
In March, the price of construction steel rods was around Rs 70,000 per tonne, or Rs 70 per kg. However, steel prices fell to Rs 61,525 per tonne in May from Rs 76 per kg in April. That is, the market rates are Rs 61-62 per kg. Steel seller Yusuf Lokhandwala said that earlier the price of iron was rising by Rs 100 to Rs 200 per day. Now, it is fluctuating between Rs.1000 and Rs.2000 in a day. In the last few days, the rate had come down by Rs 3,000.
Most iron is sold in May and June. However, due to the Corona the iron ore business saw only 40 per cent buying this year. Traders, meanwhile, are struggling with fluctuations in market prices.