Karachi: The price of steel has crossed the PKR 100,000 per ton mark, the highest to date, according to a news report. A research analyst Hamdan Altaf from Taurus Securities has said that this is the first time the cost of G60 and G40 steel has crossed the PKR 100,000 mark, even when higher quality steel had been sold for an even higher price earlier.
The production of steel requires expensive raw material from abroad and as the rupee has depreciated against the dollar, the price of steel is expected to increase. However, Altaf has added that the price increase won’t affect the demand as rapid construction is being taken place in the country. But on the other hand, according to Senior Vice Chairman of Association of Builders and Developers (ABAD) Fayyaz Ilyas the most adversely affected from this would be people from the middle and lower middle class.
More reports show that as Pakistan faces a shortfall of 12 million housing units in the country, the lower-income strata is going to suffer with increased housing costs.
