The association claimed the increases amounted to about 40 per cent. It said this was twice as much as the increase projected by the international steel products market for the period.

Representatives of the T&T Contractors Association is expected to meet next Monday with executives of ArcellorMittal Point Lisas Steel Limited to discuss increases in the prices of steel products manufactured at the company.

The association last Tuesday wrote the company’s general manager Vawsh Pattanaik requesting an urgent meeting to discuss the matter.

The letter expressed “deep concern” over increases in the price of locally produced “rebar” over the last two months.

The association claimed the increases amounted to about 40 per cent. It said this was twice as much as the increase projected by the international steel products market for the period.

The letter was signed by president of the Contractors Association Mikey Joseph.

Contacted by the Guardian, Joseph said the association was particularly concerned because it has been informed that there are further increases to come next month.

Joseph said that information posted on the Internet by steel suppliers indicated that they anticipate a 65 per cent increase in the price of iron ore later this year. Contractors are worried about how this will impact on steel prices. Joseph said that in T&T this 65 per cent increase could well turn into a more than 100 per cent increase in the prices of the steel products purchased by contractors.

He said the association is concerned as 70 per cent of their total costs relate to materials.

The association also wants to discuss with ArcellorMittal the issue of prior notice of price increases. The letter said failure to give advance notice of rising prices “negatively affects contractors and the industry as a whole with respect to effective planning.”

Officials of ArcellorMittal were unable to comment immediately on the association’s claim about the extent of recent price increases.