Lahore: Domestic steel producers in the south have hiked steel prices for the fifth time in a span of the last 30 days, leading to a massive increase of PKR 25,000 since the first week of December, news sources reported on January 4.
Steel producers have notified new prices, effective immediately. According to industry sources, the unstable rupee-dollar parity and uncertainty in the international market regarding raw materials have led to an unprecedented change in steel prices. With dwindling supplies and increasing costs, steel producers have been forced to raise their prices, the most recent of which was a PKR 5,000 increase per metric ton on December 28th. After this recent increase, the steel prices of various grades are now at PKR 225,000–227,000 per ton.
It is important to note that steel prices have been steadily rising as a result of import restrictions and domestic demand. The recent floods in the country have also halted steel production, leading to a slowdown in the construction sector.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
