Steel Rebar Prices in Pakistan Cross USD 1000 Mark
The Express Tribune reported that Pakistan’s steel rebar manufacturers have continued to jack up prices and with the latest increase of PKR 5,000 (USD 30), the price has surged to around PKR 160,500-162,500 per tonne (USD 1000-1010). This is in addition to the earlier increase of PKR 5,000 per tonne in previous week. According to the brokerage HOUSE Taurus Securities, since November 2020, the rebar prices have gone up by 38%.
Association of Builders and Developers of Pakistan Chairman Mr Fayyaz Ilyas said “The government, understanding the importance of construction industry for economic growth, had earlier announced a special package for its revival. But when construction activities resumed, the cartel of steel manufacturers raised prices of steel bars, an important component for construction, many times, making construction more costlier. We demand that the federal government abolish regulatory duty and additional regulatory duty on the import of steel bars to stabilise their prices so that construction industry could be saved from collapse."
Pakistan Association of Large Steel Producers Secretary General Syed Mr Wajid Bukhari said that “The reason behind the price hike was a consistent increase in international prices of steel scrap. Currently, the prices of scrap in the international market are USD 550 per ton, whereas a few months ago, they were USD 500 and even lesser before that. This is how they impact local steel prices. We have to set local rates according to the international prices. Nevertheless, prices in Pakistan are 7% lower than those in Turkey and 4% less than those in China.”