In a significant development impacting the industrial landscape of Pakistan, domestic steel prices have witnessed a substantial increase, creating a ripple effect that might hinder progress in the sector.
Local steel producers have announced a price hike of Rs. 7,000 per ton, effective from January 8, 2024. According to JS Research, the new prices for steel rebar range between Rs. 262,000 and Rs. 270,000 per ton.
This surge in prices marks a notable escalation from the rates observed on October 31, 2023, which ranged from Rs. 259,000 to Rs. 264,000 per ton.
Industry experts suggest that one of the potential contributing factors to this price hike is the upward pressure on the procurement of raw materials.
Any disruptions in the supply chain of these crucial resources could pose additional risks, further impacting the already surging steel rates.
