Cement, steel bar prices may drop soon, says Minister

• The ministry remains committed to facilitating the affordability of essential materials and ensuring the sustainability of the construction sector

By Chaturanga Pradeep Samarawickrama  

Prices of cement and concrete steel bars are expected to experience a decline in the coming days, according to Trade, Commerce, and Food Security Minister Nalin Fernando.   

 The Minister made this announcement following a constructive discussion held at the ministry with different associations connected to the construction industry.  During the meeting, it was revealed that the construction sector has been grappling with the surge in raw material costs.   

In response, Minister Fernando engaged with cement manufacturers, urging them to promptly implement price cuts of at least Rs. 300 to Rs. 500 per 50-kg bag of cement.  

“We anticipate the price reduction to take effect within the next two to three days,” the Minister said.   
He added that he had also called upon concrete steel rod manufacturers to take immediate action in reducing their prices.  

The move aims to alleviate the burden on the construction industry and foster a more conducive environment for development projects. The ministry remains committed to facilitating the affordability of essential materials and ensuring the sustainability of the construction sector.