In a surprising development, the steel price in Pakistan has seen a significant reduction, with iron prices falling by as much as Rs22,000 per tonne. This shift is believed to be a direct result of global market fluctuations, with international recession fears playing a significant role.
China, a key player in Pakistan’s steel and iron supply chain, is at the heart of these changes. The price per tonne of iron in Pakistan has seen a decrease in the range of Rs20,000 to Rs22,000, mirroring the global economic trends.
Interestingly, this downward trend in China’s steel prices, which plummeted from Rs320,000 to below Rs200,000, predicted to have a silver lining for Pakistan. Market insiders suggest that the construction industry could reap benefits from this price drop.
Moreover, the business activities in the iron ore and steel sectors have seen an uptick, according to steel traders. This attributed to the current market rates of galvanized, hot, and cold steel sheets from China, which sold between Rs285,000 and Rs295,000.
The global economic shifts have led to a decrease in the steel price in Pakistan, potentially providing a boost to the construction industry and invigorating business activities in the iron and steel sector.
