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According to the Marketing Manager of Bhagwansingh’s Group of Companies, Baliram John, the COVID-19 Pandemic has driven up the cost of steel by 70%. This in turn is expected to also drive up the cost of local commercial and residential construction. The current shortage in foreign exchange has also worsened the situation. Bhagwansingh’s is one of T&T’s biggest importers of construction material. Steel mills in Europe and other countries were forced to shut down operations last year due to the COVID-19 Pandemic. Even though factories are now re-opening, an ease in the price hikes is not expected just yet. Speaking to CNC3, John noted that “several of the suppliers have cancelled our orders and there is a very limited supply, both in terms of material and shipping. So when you put that together, you send up the cost significantly.” Another executive said that it is not just the price of steel and steel products that have gone up - issues in supplies of lumber from countries such as Brazil and the United States has driven up the price of lumber products as well. Watch the report below from CNC3’s Sharlene Rampersad and cameraman Kevin Maharaj. [Source: CNC3]
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