The building and infrastructure sectors in Pakistan have been impacted by a notable increase in steel costs.
With effect from December 26, 2023, domestic steel makers announced a sharp increase in prices for Hot Dipped Galvanized Coil (HDGC) and Cold Rolled Coil (CRC), increasing them by Rs. 5,000 per ton. While HDGC is now priced at Rs. 265,800 per ton, the updated price for 1 mm CRC is Rs. 256,450 per ton.
This continues the recent pattern of growing steel prices; since October 31, the price of steel rebar has increased cumulatively by Rs. 12,000 per ton, to reach Rs. 266,000–272,000 today.
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According to JS Research, a number of variables, including possible hazards related to unanticipated disruptions in the procurement of raw materials, may be responsible for the spike in steel prices.
Industry insiders worry that the nation’s infrastructure and construction industries may face difficulties as a result of the ongoing increase in steel costs.
It is noteworthy that the steel business in Pakistan experiences strong demand driven by the property and infrastructure industries. Nonetheless, the current increase in steel prices is anticipated to impede industry expansions even more given the slowdown in the stimulus for infrastructure and the lackluster growth in the real estate market.
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