The domestic prices of steel products have been revised upwards second time since last week.
Steel rebar prices have been increased by up to Rs. 5,000 per ton (effective from 7th November 2023). Retail prices now stand in the range of Rs. 266,000-272,000 per ton, according to JS Research.
Previously on October 31st, steel rebar prices stood in the region of Rs. 259,000-264,000 per ton.
The upside risks to today’s increase in steel prices could be any unexpected disruptions in the procurement of raw materials and further slumps in the rupee/dollar rate.
Notably, the rupee/$ fell 11th day in a row on Monday and continues to trade in the 283-286 range today (Tuesday) after peaking at 285 in the previous session.
Source: Pro Pakistani