Increase in Steel Bar Prices Raise Construction Cost
According to media sources, Amreli Steels Ltd (ASL) in Karachi has declared a PKR 5,000 per ton rise in steel bar rates, resulting in an increase in building costs. This trend of rising costs was followed by an increase in northern cement prices.
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According to available information, the largest steel producer claimed that the new booking rates for two steel types were PKR 167,000 and PKR 165,000 as of August 6. In addition, it was reported that steel bar prices in Pakistan have increased by PKR 57,000 per ton since November 2020.
In addition, the largest price increase was observed in Bannu, where a bag now costs PKR 670. Cement costs in Lahore and Islamabad rose by 4.6% and 5.0%, respectively. However, prices remain unchanged in the southern region.
According to the information shared by Abbas, the increase in cement prices was caused by the doubling of coal prices since 2020.
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Hassan Bakhshi, former chairman of the Association of Builders and Developers of Pakistan, reported that building costs for high-rise projects have increased by 20 to 25 percent. He continued by stating that the government should reduce the price of steel bars in order to stimulate the construction industry.
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