Karachi: The steel manufacturers have raised steel prices again this month, bringing steel bar prices to an all-time high of PKR 216,000 per tonne, news sources reported on March 29. The manufacturers have cited rising raw material costs and import duties as reasons for the price hike.
Amreli Steel Ltd (ASL) has raised the price of 9.5/10mm and 12mm diameter steel bars to PKR 216,000, while the price of 16mm and higher (deform and extreme bars) remained at PKR 214,000. Similarly, Agha Steel Electric Arc Furnace rebar has increased its price by PKR 7,000 per tonne. Prices for 16mm and above are now at PKR 214,000 per tonne, while the 9.5mm-12.7mm is PKR 216,000.
Association of Builders and Developers (ABAD) Chairman, Mohsin Sheikhani has said that prices have risen by 70% since last year, which has resulted in a slowing down of the construction industry. He noted that prices of other construction commodities such as cement, aluminium and ceramics have also increased due to the rupee depreciation and rising import costs.
The construction sector leaders have requested the government to decrease import duties on scrap and raw materials to cut down prices. The manufacturers had recently raised prices by PKR 8,000 in the second week of March.
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