[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The construction sector in Pakistan is facing another blow as domestic steel product prices experience a second upward revision within August due to soaring raw material costs and inflation. This rise in prices is causing concerns about the impact on the construction industry and potential shortages of steel products.
The latest increase in steel rebar prices amounts to around Rs. 10,000 per ton, effective from August 16, 2023. As a result, retail prices now range from Rs. 270,000 to Rs. 280,000 per ton, as reported by JS Research. This follows a previous price adjustment on August 2nd, when steel rebar prices were within the range of Rs. 260,000 to Rs. 267,500 per ton.
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The consecutive price hikes in such a short period could lead to potential shortages of steel products in the coming weeks. The construction sector, which heavily relies on steel, is particularly vulnerable to these price increases as they can impact project costs and timelines.
The steel industry has been vocal about import-related challenges, emphasizing its importance as a cornerstone of the economy and a vital export sector. As Pakistan faces economic challenges, manufacturers are calling on the government to extend support to the steel industry, aiding its recovery from the crisis. The stability of the steel sector is not only crucial for the industry itself but also for the broader construction and economic landscape of the country.[/vc_column_text][/vc_column][/vc_row]
