Steel Prices Surge, Cement Prices to Rise Soon – Building Costs Set to Increase
Indore (Cement & Steel Price Hike): Building a house is becoming more expensive. The rising prices of steel and cement are making construction costlier, worrying people planning to build their homes. Over the past few days, steel prices have surged sharply, and now cement companies have also announced a price hike. From April 1, cement prices are expected to increase significantly. Why Are Prices Rising? The sharp rise in steel prices is linked to both international and domestic policies. Meanwhile, cement price hikes appear to be a strategic move by companies. After the U.S. initiated a tariff war under President Donald Trump, the Indian government also proposed a 12% safeguard duty on steel imports this month. Steel Prices Started Rising After March 12 Following this announcement, steel prices began increasing from March 12 onwards. Since then, steel bars (saria) have become ₹4,000 per ton costlier. In Indore, saria is currently being sold at ₹51,000 to ₹53,000 per ton, excluding GST.
Steel trader Yusuf Lokhandwala says that due to the rising costs, customers are now avoiding the market. Many people rush to complete construction before the monsoon season, but with such price hikes, several projects might get delayed. Major Cement Price Hike Expected It has been officially announced that from April 1, different cement companies plan to increase prices by ₹30 to ₹40 per bag. Currently, branded cement in Indore costs ₹333 to ₹340 per bag, and after the price hike, it will likely be sold at ₹360 to ₹370 per bag. Hemant Gattani, one of the biggest cement traders in the region, says that towards the end of March, many people are buying cement in bulk to avoid the upcoming price increase. Construction Costs to Rise by 30% Construction expert Ajay Chauradiya explains that cement and steel together account for nearly 30% of the total cost of building a standard house. Depending on quality, this percentage varies between 26% and 30%. Naturally, a price hike in these two essential materials will significantly impact overall construction expenses.
