Karachi: Pakistan Association of Large Steel Producers Secretary-General Syed Wajid I. Bukhari on Wednesday (December 08) announced a PKR 2,000 per tonne increase in the ex-factory price of steel products, news sources reported. The new price hike is applicable from December 07.
As per the details, the rapidly depreciating rupee against the dollar has resulted in higher international prices of steel scrap along with the import charges and clearance. The secretary said that the changes in the prices are likely to impact the housing and construction sector. Moreover, the changes have been made across the board by all steel manufacturers citing electricity and gas prices in addition to the import prices. Following are the prices of the steel bars of various types as notified by the three major manufacturers:
It is important to mention here that steel prices have steadily risen over the past two years with the decreasing dollar-to-rupee parity. It was also noted that the steel prices in November 2020 were reported to hover around PKR 110,000-113,000 per tonne as compared to the current value of PKR 197,500 per tonne.
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