Islamabad: The domestic prices of steel products have witnessed a massive drop due to the decrease in the cost of raw materials in the international market, according to news published in the leading newspaper on August 17.
As per the details, the two domestic steel producers shared that the prices of Cold Rolled Coil (CRC) and Hot Dipped Galvanised Coil (HDGC) have decreased by PKR 12,000 per ton, which lead to prices being lower than PKR 250,000 per ton. The new prices for 1 mm CRC and HDGC are reported to be PKR 230,550 and PKR 237,900 per ton, respectively. Moreover, the drop in prices was due to the decreased cost of scrap, low domestic demand, and rupee appreciation.
It is pertinent to note that steel prices initially rose in December 2020, mainly because of the increase in prices in the international market. The construction industry had a hard time pricing the housing units because of the increasing prices of steel products, which significantly raised the project completion costs.
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.
