Steel Prices Witness a Huge Spike in Pakistan
Islamabad: Steel prices have seen a huge increase in Pakistan causing a spike
in construction prices. The developers have shown their discontent over the increase.
This increase will further impact the already affected construction industry.
Several other construction materials have also seen a sharp increase due to the
uncertain situation amidst Elections 2024 full of irregularities. The delays in
shipments and international trade have also contributed to the increase in prices.
Read more: Petrol Prices Soar in Pakistan up to Rs. 2/ltr
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According to the sources, steel rebar has witnessed a Rs. 5,000 increase per ton
causing a rise in the production cost. It is pertinent to mention that international
trade disruption in Middle Eastern waters has also caused an increase in steel prices.
- Increased Steel Rebar Price: Rs. 260,000
- Increased Local Iron Price: Rs. 240,000
- Increased Branded Iron Price: Rs. 260,000
- Increased Crude Iron Price: Rs. 160,000
The construction industry has shown its distrust in the steel price increase while impacting the already affected economy.
If the peace situation and water lane disruptions continue then steel prices may remain heightened.
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