Karachi: Association of Builders and Developers of Pakistan (ABAD) urged the government to reduce the duties and tax on steel products after an increase in steel prices, according to news sources.
Following an increase in international scrap prices, the market saw a PKR 5,000 per tonne price hike. Former Chairman ABAD Hassan Bakhshi claimed that the government’s goal of providing low-cost housing plans will be difficult to realise if the prices remain uncontrolled.
Furthermore, steel bar producers stated that rise in global steel scrap prices results in an increase in manufacturing costs. In addition, Hassan Bakhshi stated that the construction cost of high-rise structures has risen by 10% to 15%. This is due to the fact that steel bars account for 40% to 45% of the entire cost of such projects’ development.
It was also revealed that the average import price of iron and steel products per tonne dropped from USD 389 to USD 386 in the 11th month of Fiscal Year 21 (11MFY21). According to the Pakistan Bureau of Statistics (PSB), imports of iron and steel products grew from 3.6 million tonnes to 4.429 million tonnes in the 11MFY21.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
