Cement and steel prices have gone up by 20 percent as the country enters the summer months, the height of the construction season.
This comes at a time when local cement manufacturers are seeking an extension of the safeguard measures on imports, which can help augment supply and stabilize prices.
Data from the Department of Trade and Industry (DTI) showed the prevailing price of 10 millimeter (mm) steel bars starts at P158, up from P147 a month ago while 12 mm steel bars now sell P230 from P214 a month ago.
Portland cement sells at P210 per bag from P205 just a week ago.
Industry sources said distributor’s price of steel bars to hardware stores has gone up by 20 to 25 percent. Some hardware stores are selling cement at P230 to P240 per bag.
The sources point to high logistics cost as reason for the sudden increase in prices due to soaring oil prices as well as fears of possible supply crunch of steel billets brought about by the conflict in Russia and Ukraine.
Meanwhile, the Tariff Commission (TC) yesterday held a preliminary conference on the formal Investigation on the extension of safeguard measure on ordinary Portland cement that expires in October.
The TC will issue its report next month.
Imported cement is slapped with P9.80 of additional duty per bag or P245 per metric ton.
This is on top of the anti-dumping duty imposed on imports from specific exporters from Vietnam. – Irma Isip
