Steel Price Goes Up Further as Input Cost Increases
According to news sources, major steel producers in Karachi, including Aisha Steel, The International Steels, and Hadeed Pakistan, have hiked steel prices by PKR 3 per kilogram with immediate effect.
According to the facts, the prices of steel and other raw construction materials have grown further as input costs have risen, causing the local steel sector to pass on the additional costs to consumers. Steel prices have reportedly climbed five times since May 2021, equivalent to an increase of PKR 36 per kilogram in the previous six months alone.
In January 2020, the price per kilogram was PKR 109; by November 2021, it had increased by PKR 100 per kilogram. It demonstrates a 92% increase in prices, which makes it difficult for the local manufacturers to compete.
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It is important to note that steel is a crucial input material for a number of industries, including the production of spare parts, electronic equipment, and building materials. Sources indicate that all scrap and iron ore used by steel re-rolling plants are imported. As a result, it raises prices for domestic producers and consumers.
High inflation following the pandemic and certain factors such as rupee devaluation, high prices of petroleum goods and raw materials, and a rising inflation rate make it more difficult to combat the price increase – a pattern that is likely to persist for the foreseeable future.
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