Karachi: The Pakistan Association of Large Steel Producers (PALSP) on Monday (March 07) notified a hike in large steel bars of various sizes, news sources reported. The new prices have crossed PKR 200,000 per ton due to the supply chain’s disruption and the raw material prices.
As per the sources, Amreli Steels Ltd (ASL) has quoted the new price of PKR 201,000 per tonne for 9.5/10mm and 12mm steel bars and PKR 199,000 per tonne for 16mm and above. Similarly, Faizan Steel has set a PKR 200,500 per tonne for 10mm-12mm and PKR 198,500 per tonne for 16mm-25mm steel bars. When compared to November 2020 costs, the prices have nearly doubled. According to figures from the Pakistan Bureau of Statistics (PBS), iron and steel scrap imports fell by 21% in quantity to 2.456 million tonnes in the seventh month of the fiscal year 2022 (7MFY22), from 3.120 million tonnes. Still, the value increased by 30% to USD 1.442 billion from USD 1.110 billion.
As a result, the average price per tonne has risen to USD 587 in 7MFY22, up from USD 355 in 7MFY21. According to Shamoon Baqar Ali, President of the Karachi Iron and Steel Merchants Association (KISMA), rising building material prices would impede growth in the construction industry. In addition, he believes that increasing costs would hurt ongoing developments by delaying the possession of flats and houses.
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.
