Lahore: The domestic prices of steel have experienced their second hike in August, driven by soaring raw material costs and increasing inflation rates, according to news published on August 16.
After this upward adjustment, the domestic steel rebar prices have surged by approximately PKR 10,000 per ton, with the new rates taking effect from today. According to sources, the retail price range for steel now stands at an average of PKR 270,000 to PKR 280,000 per ton. Earlier, steel rebar prices had escalated to the range of PKR 260,000 to PKR 267,500 per ton.
The construction sector is in turmoil due to the consistent surge in steel price. Steel manufacturers have attributed these cost hikes to shortages in raw materials and a significant rise in the basic power tariff.
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