Steel Prices Surge Close to Rs. 290,000 Mark Following Another Rs. 8,000 per Ton Hike
In a new development for the month of August, domestic steel product prices have once again experienced an upward revision, intensifying concerns for Pakistan’s construction industry. The persistent surge in raw material costs and devaluation of the rupee are taking a toll on the sector, leading to further challenges.
Steel Rebar Prices Witness Up to Rs. 8,000 per Ton Increase:
Effective from 29 August 2023, steel rebar prices have seen a notable rise of up to Rs. 8,000 per ton. This adjustment has propelled retail prices to a range of Rs. 282,000 to Rs. 288,000 per ton, as reported by JS Research.
Pakistan’s construction sector, heavily reliant on property and infrastructure demand, is grappling with the repercussions of these price hikes. The pace of infrastructure stimulus has slackened, contributing to a lackluster performance in the market with limited growth prospects.
Rapidly escalating input costs are leaving steel manufacturers with a difficult choice: to pass on the burden of these rising expenses to end users. The latest upward revision in rebar prices is anticipated to reverberate across various sectors in the upcoming weeks.
As steel prices approach the Rs. 290,000 mark due to another substantial hike of Rs. 8,000 per ton, Pakistan’s construction sector faces mounting obstacles. The confluence of escalating raw material costs and currency devaluation necessitates strategic measures to mitigate the impact on the industry and its associated sectors.
