Islamabad: The steel bar manufacturers and steel rollers have hiked steel prices for the second time in a week citing higher raw material prices in international markets, the news source reported on December 21.
Steel manufacturers have reported a sharp rise in steel prices due to the instability of the international steel markets and the fluctuations in the exchange rate between the dollar and the rupee. Domestic steel producers have gone a step further and raised rebar prices by PKR 2,000 per ton, bringing retail prices to a range of PKR 207,000-209,000 per ton, the highest in recent years.
Furthermore, Aisha Steel Mills Limited (ASL) announced a significant increase of PKR 2,000 per ton in the prices of Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC), setting the new price for CRC at PKR 211,550 per ton and PKR 218,900 per ton for HDGC.
it is important to note that the steel sector in Pakistan is heavily dependent on international raw materials for manufacturing. The recent international incidents and market instability has put the construction sector in a difficult position, threatening the livelihoods of millions of people associated with real estate and allied industries.
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