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ABAD Desires Government to Stabilize Steel Prices

Karachi: According to a recent news release, the Pakistan Builders and Developers Association (ABAD) has urged the government to take steps to curb rising prices of steel products in the country.

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In this regard, ABAD has proposed to the Government to eliminate regulatory tariffs and additional regulatory tariffs on imports of steel products.

According to statistics shared in the news, the price of steel bars was Rs 117,000 per ton in November 2020. So far, prices have risen to PKR 142,000 per tonne.

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ABAD has called rising interest rates an impediment to progress in the construction sector, regardless of government initiatives. ABAD has called on the government to abolish these taxes on steel imports as government initiatives support the growth of the construction industry. According to the association, the measure will contribute to price stability.

Members of the National Coordinating Committee for Housing, Construction and Development (NCCHCD) also reportedly urged Prime Minister Imran Khan to boost imports of rebar to improve competition in the market.

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On the other hand, many experts believe that tariff exemptions will not bring down prices as the share of steel products increases internationally.  

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