<p>The Dawn reported that Pakistani steel makers, citing continuous and unprecedented bullish trend in the cost of scrap over the past month, the falling rupee and the rising cost of energy, have increased rebar prices again by PKR 8000 per tonne to about PKR 214,000-216,000 per tonne (USD 1180) affecting the construction activities across the country. Association of Builders and Developers Chairman Mr Mohsin Sheikhani said the cost of construction has risen by over 70% in the last year owing to soaring steel bar, cement, labour cost, paint, sanitary fittings, tiles, windows and door fittings, etc. He said builders had asked the government to reduce the customs duty on the finished steel products and raw materials used in the making of steel bars to bring down steel prices. Mr Sheikhani said builders of low-cost projects are highly worried as they had started their construction work at PKR 2,500 per square feet rate a year back which had now risen to over PKR 4,000 per square feet.</p><p>Business Recorder separately reported that a Pakistan’s Parliamentary Panel, expressing serious concern over steel prices, has directed the Ministry of Industries and Production to present a detailed report on the profits of the steel manufacturing firms. Federal Secretary for Ministry Industries & Production Mr Jawad Rafiq informed the committee that the services of a private firm would be sought for determining the exact production cost of steel and other commodities in Pakistan, so that the prices could be fixed accurately.</p><p>Representatives of the Pakistan Association of Large Steel Producers informed the committee that about 400 companies are currently making steel in Pakistan. They further said that most of the steel in Pakistan is made from imported scrap and the price of scrap has increased in the global market, so does the cost of production, which in turn causes prices to rise in the local market.</p>
<p>The Dawn reported that Pakistani steel makers, citing continuous and unprecedented bullish trend in the cost of scrap over the past month, the falling rupee and the rising cost of energy, have increased rebar prices again by PKR 8000 per tonne to about PKR 214,000-216,000 per tonne (USD 1180) affecting the construction activities across the country. Association of Builders and Developers Chairman Mr Mohsin Sheikhani said the cost of construction has risen by over 70% in the last year owing to soaring steel bar, cement, labour cost, paint, sanitary fittings, tiles, windows and door fittings, etc. He said builders had asked the government to reduce the customs duty on the finished steel products and raw materials used in the making of steel bars to bring down steel prices. Mr Sheikhani said builders of low-cost projects are highly worried as they had started their construction work at PKR 2,500 per square feet rate a year back which had now risen to over PKR 4,000 per square feet.</p><p>Business Recorder separately reported that a Pakistan’s Parliamentary Panel, expressing serious concern over steel prices, has directed the Ministry of Industries and Production to present a detailed report on the profits of the steel manufacturing firms. Federal Secretary for Ministry Industries & Production Mr Jawad Rafiq informed the committee that the services of a private firm would be sought for determining the exact production cost of steel and other commodities in Pakistan, so that the prices could be fixed accurately.</p><p>Representatives of the Pakistan Association of Large Steel Producers informed the committee that about 400 companies are currently making steel in Pakistan. They further said that most of the steel in Pakistan is made from imported scrap and the price of scrap has increased in the global market, so does the cost of production, which in turn causes prices to rise in the local market.</p>
