State Trading Organization STO says it has lowered the price of steel by 14 percent.

STO said that it has decided to lower the price of steel being sold at Construction Solutions from 1st November onwards and that it had lowered the price of steel products by 14 percent.

The price of raw materials in the construction industry had skyrocketed amid the COVID-19 pandemic as well as the price of steel products.

But STO said that the company has always worked to stabilize market prices in the Maldives.

While the hurdles to the supply line is being resolved, STO assured that the price of other raw materials would lower eventually.