| Islamabad: The steel prices have been revised downward mainly driven by the significant recovery of the Pakistani Rupee (PKR) against the US Dollar since September 5, 2023, according to news published on October 20.
Read: Steel prices undergo second hike in August
As per the details, the steel rebar prices have experienced a reduction of approximately PKR 10,000 per ton, which came into effect on October 20, 2023. As of the latest data from JS Research, the retail price of steel rebar now range from PKR 250,000 to PKR 258,000 per ton. This price adjustment can be attributed to the recent appreciation of the PKR, which has made imported steel more affordable for consumers.
JS Global Deputy Head of Research Waqas Ghani stated that leading steel rebar producers made a significant announcement to cut steel bar prices. This reduction varied from 4% to 5%, reflecting the positive impact of the strengthened PKR.
Read: Steel prices rose 30% in first 7 months of FY-23: PBS
At present, concerns regarding steel supply shortages have considerably diminished, and it is anticipated that the positive trends observed in October will persist. Nevertheless, it’s essential to be aware that potential upward pressure on steel prices could arise from unforeseen disruptions in the procurement of raw materials or fluctuations in the rupee-to-dollar exchange rate in the short term. |
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