Steel producers in Pakistan have significantly raised the price of steel bars in response to interruptions in shipment arrivals, creating a financial hit for the public which is already struggling with the high cost of construction materials, including cement.
Recent price hikes of steel products reached a surprising amount of 7,000 rupees, bringing the new price to 270,000 rupees per tonne. These prices were revised and became effective from January 8, 2024.
The price of rebar in Pakistan increased from 259,000 rupees to 264,000 rupees last October, and the recent increase has compounded the challenges being faced by the construction industry.
Sector experts attribute the sharp increase in rebar prices to long-term delays in shipment arrivals, which, compounded by record high interest rates, have contributed to an overall increase in steel costs.
The increase in steel prices is currently affecting various sectors and stakeholders, raising concerns that further increases may hold back developments in the construction sector. This highlights the need for proactive measures to address the challenges and maintain stability in the steel market.
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