Steel Rates Increased Due to Raw Material Scarcity, Supply-Chain Disruption
Monday in Karachi, the Pakistan Association of Massive Steel Producers (PALSP) reportedly announced a price hike for large steel bars of various sizes (March 7). Due to the disruption in the supply chain and increased raw material costs, the new price per tonne has topped PKR 200,000.
According to our sources, Amreli Steels Ltd (ASL) has established a new pricing of PKR 201,000 per tonne for 9.5/10mm and 12mm steel bars and PKR 199,000 per tonne for 16mm and larger steel bars. Faizan Steel has fixed pricing of PKR 200,500 per tonne for 10mm-12mm steel bars and PKR 198,500 per tonne for 16mm-25mm steel bars. The costs have almost doubled compared to those of November 2020.
According to the Pakistan Bureau of Statistics (PBS), imports of iron and steel scrap decreased by 21% from 3.120 million tonnes in the previous month to 2.456 million tonnes in the seventh month of fiscal year 2022 (7MFY22). Despite this, the value increased by 30%, from $1.110 billion to $1.442 billion.
As a result, the average price per tonne in 7MFY22 rose from USD 355 in 7MFY21 to USD 587. According to Shamoon Baqar Ali, president of the Karachi Iron and Steel Merchants Association (KISMA), rising building material prices will inhibit the expansion of the construction industry. Moreover, he believes that increasing costs may hinder ongoing construction projects by delaying the delivery of apartments and homes.
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