As of August 23, 2024, the revised prices were set at Rs 211,500/t ($765) for Cold Rolled Coil (CRC) and Rs 220,800/t ($799) for Hot Dipped Galvanized Coil (HDGC).
This price decline is also linked to a reduction in demand, which is usually observed outside the country's construction season.
In a related development, the Ministry of Industries and Production announced that Pakistan Steel Mills (PSM) will be dismantled and classified as 'scrap' as revival is not possible.
The 19,000 acres of PSM will be reused for the development of Special Economic Zones (SEZs).
The Standing Committee also reviewed the Utility Store Corporation (USC), addressing performance issues and the impact of recent federal taxes imposed on the sector as of July 27.
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