Karachi: Domestic steel producers in the northern manufacturing industry increased the price of steel rebars yet again by PKR 5,000 per ton on Wednesday, which is the fourth price hike in a month, news sources reported on December 29.
As per the new changes, the prices of steel rebars now stand in the range of 218,000-220,000 per ton. This is the fourth consecutive increase in steel prices, with southern manufacturers having to increase the prices by PKR 2,000 per ton just last week.
Manufacturers and steel bar producers have linked the price hike to unstable market conditions and higher raw material prices in the international market. Industry sources have stated that with input costs increasing rapidly, manufacturers have had no choice but to pass on the additional costs to consumers. Aisha Steel Mills Limited (ASL) has consequently announced a considerable rise in the prices of Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC), with CRC now priced at PKR 211,550 per ton and HDGC at PKR 218,900 per ton, a difference of PKR 2,000 per ton.
Market researchers have cautioned that the higher steel product prices could reduce the growth of the real estate and construction sector, as well as potentially disrupt construction and allied sectors in the country.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
