The value of iron and steel imports rose by 69 percent in the nine months to September driven by increased economic activity and a global price rise of the commodities after supply cuts.
The latest Kenya National Bureau of Statistics (KNBS) data shows that the imports of iron and steel in the period shot up to Sh120.77 billion compared to Sh71.42 billion last year.
The rise has been attributed to the growth of real estate coupled with President Uhuru’s legacy infrastructure projects, including roads and the affordable housing plan.
The local steel industry heavily relies on imported raw materials — iron ore and coal, due to the lack of investment locally. According to the Trade ministry, the local deposits of such minerals are yet to attract commercial interest.
Data also shows the quantities have been on a continued rise over the years to 1,417.18 thousand tonnes in the nine months to September 2021, a 24.5 percent increase from 1,138.24 thousand tonnes in the same period in 2016. – Business Daily
