The domestic prices of steel products have been revised upwards for the month of August as the menace of skyrocketing raw material prices impairs the country’s construction sector.
Steel rebar prices have been increased by up to ~Rs. 8,000 per ton (effective from 1st August 2023). Retail prices now stand in the range of Rs. 260,000-267,500 per ton, according to JS Research.
The increase in steel prices could translate into severe shortages in the coming weeks.
The current market environment is pretty bad as input costs are rapidly rising, leaving manufacturers with no choice but to pass the cost on to end users.
Since last year, steel industry players have expressed their concerns about import-related issues because they believe that the steel sector is the backbone of the economy and one of the country’s leading export sectors. In light of the current issues faced by the country, manufacturers would want the government to support the steel industry and help it recover from the crisis.
Source: Pro Pakistani