| Islamabad: In a recent announcement by domestic producers, the steel prices took a significant hike, marking an increase of PKR 7,000 per ton, according to news published on January 8.
Read: Strengthened PKR value against USD causes major drop in steel rates
As per the details, the revised prices, effective from January 8 2024, now place the cost of steel rebar between PKR 262,000 and PKR 270,000 per ton. This surge is notable, as steel rebar prices have risen from the range of PKR 259,000 to PKR 264,000 observed on October 31 2023, to the current levels.
Read: Steel prices witness 3rd hike in 1-month due to rise in cost of raw materials
Moreover, the analysts point out that potential risks to the recent price hike may arise from disruptions in the procurement of raw materials. A prolonged delay in the arrival of shipments has been a contributing factor, causing a sharp incline in the price of steel rebars within the country. The prevailing high-interest rates are also playing a role in the overall increase in steel costs. |
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