Karachi: According to press reports, Pakistan Association of Large Steel Producers Secretary-General Syed Wajid I. Bukhari announced a PKR 2,000 per tonne rise in the ex-factory pricing of steel goods on Wednesday (December 08). The new price increase will take effect on December 7th.
Read More: Local steel industry still unable to avail tax exemptions in Gwadar
According to the facts, the fast-falling rupee against the dollar has resulted in increased international steel scrap costs, as well as higher import fees and clearance. According to the secretary, price adjustments are anticipated to have an impact on the housing and construction industries.
Furthermore, all steel firms have made changes, citing power and gas rates in addition to import prices, as justifications. The following are the costs for various types of steel bars as reported by the three major manufacturers:
|Company||Price of 9.5/10mm and 12mm/tonne (PKR)||Price of 16mm and above/tonne (PKR)|
|Amreli Steels Ltd||197,500||195,000|
|Naveena Steel Mills||196,500||194,500|
Read More: FBR notifies hike in minimum prices of steel as international prices surge
It is important to mention here that steel prices have steadily risen over the past two years with the decreasing dollar-to-rupee parity. It was also noted that the steel prices in November 2020 were reported to hover around PKR 110,000-113,000 per tonne as compared to the current value of PKR 197,500 per tonne.
Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City or Blue World City Islamabad & Bahria Town Karachi 2.