ISLAMABAD – The steel industry is facing a crisis in Pakistan as soaring costs and prolonged delays in the arrival of shipments dry out all gains, affecting people who are planning construction this year.
Steel manufacturers jacked up prices of steel bars following an interruption in the arrival of shipments, causing hole in pockets of the public, who are already facing elevated prices of construction materials including cement.
With the new announcement, the prices of steel products have soared by a whopping Rs7,000 and the new price skyrocketed to Rs270,000/ton.
The new prices will be effective from January 8, 2024.
Last year in October, the price of steel rebar jumped from Rs259,000 to 264,000, and it now further advanced.
Experts pointed out extended delays in arrival of shipments that further contributed to a sharp increase in the price of steel rebars in the South Asian country. The record-interest rates further contribute to the overall surge in steel costs.
Therefore, the market now sees elevated steel prices, and it affected a handful of sectors and stakeholders.
It was assumed that any further hike in steel rates will further slow any developments in construction sector.
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