Surging Steel Prices: ABAD Urges for Tax Relief
According to news reports, the Association of Builders and Developers of Pakistan (ABAD) urged the government to decrease the levies and taxes on steel products following an increase in steel prices.
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Following an increase in international scrap rates, the price per tonne on the market rose by PKR 5,000. Former Chairman of ABAD Hassan Bakhshi asserted that it will be impossible for the government to achieve its goal of offering low-cost housing plans if prices stay restricted.
In addition, steel bar manufacturers have reported that the rise in global steel scrap prices has led to an increase in production costs. In addition, according to Hassan Bakhshi, the cost of building high-rise projects has increased by 10% to 15%. This is because steel bars account for 40% to 45% of the total development cost for such projects.
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In the eleventh month of Fiscal Year 21, the average import price per tonne of iron and steel goods decreased from USD 389 to USD 386. (11MFY21). In the 11MFY21, imports of iron and steel goods increased from 3.62 million tonnes to 4.42 million tonnes, according to the Pakistan Bureau of Statistics (PSB).
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