The fledgling recovery in the commercial real estate sector could be derailed by sharp rises in steel prices, leading building and property groups have warned.
Steel prices are expected to rise this year by about a third after miners and steelmakers in Japan and China agreed to a change in pricing iron ore. The commercial construction industry is dependent on the metal, used in the framework of skyscrapers and smaller office buildings.
“While the commercial market was dead last year, there are signs that it is coming back and this is bound to have an impact on that process,” said Mike Putnam, the UK boss of Skanska, the international construction company.
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