Stakeholders in the iron rod business have decried the recent hike in the price of steel products in the country, noting that the trend, if not checked, may cripple the nation’s economy. Speaking with journalists in Ilorin, the national president of the Iron Rod Distributors Association of Nigeria (IRDAN), Chief Gbenga Awoyale, described the hike in the price of steel products in the past three months as artificial, called for government intervention. Now, the majority of contractors have abandoned projects sites as prices of iron rods become unbearable to avoid running at loss. “How will you explain quoting a job for N300,000 per ton of iron and you end up spending N450,000?” he queried. Stakeholders lament hike in price of steel products

Source: Nigerian Tribune July 09, 2021 13:18 UTC