Surging steel prices to increase apartment costs

APARTMENT prices could rise by up to €10,000 because of spiralling steel prices, the Construction Industry Federation (CIF) has warned.

CIF director Don O’Sullivan said contractors were paying up to 50% more for reinforcing steel and up to 20% extra for structural steel since January.

He said the dramatic increase in prices was putting pressure on contractors and could have an impact on the costs in other industries.