Karachi: The Association of Builders and Developers of Pakistan (ABAD) has requested the government to take measures in order to control the rapid rise seen in the prices of steel products in the country, according to a news story published today. In this regard, ABAD has proposed the government to abolish regulatory duty and additional regulatory duty on import of steel products.
As per the statistics shared in the news story, the rate of steel bars was PKR 117,000 per tonne back in November 2020. As of now, the price has increased to PKR 142,000 per tonne. ABAD has termed the rise in rates a hurdle in the progress of the construction sector regardless of government initiatives.
In order for the government’s initiatives to help support growth in the construction industry, ABAD has urged the government to withdraw these taxes on steel imports. This step, as per the association, will help stablise prices.
Reportedly, a member of the National Coordination Committee on Housing, Construction and Development (NCCHCD) has also asked Prime Minister Imran Khan to facilitate imports of steel bars as this will improve competition in the market.
On the other hand, many experts believe that a waiver on the duty will not bring prices down as the rate of steel products are increasing internationally.
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