Islamabad: The prices of domestic steel products have contracted, dipping below PKR 230,000 per ton because of the reduction in the cost of raw materials in the international market, according to news published on October 10.
As per the details, the domestic steel producers — Amreli Steels Limited (ASTL) and Ittehad Steel — have announced a huge reduction of PKR 8,000 per ton in the prices of local steel rebars. The new sources disclosed that the new prices of steel rebars range between PKR 221,000 to 225,000 per ton, effective from October 10.
Moreover, the decrease in steel prices is mainly because of a drop in the cost of scrap along with the retardation in domestic demand. According to research, the reduction can be linked to the rupee’s appreciation in the last 10 days.
It is important to note that the steel prices hiked in April and June while in August the prices went down. The prices rose from PKR 227,000 per ton in April to PKR 250,000 in August this year. Now, it has started to fall off and is around PKR 221,000 per ton.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
