Steel Bar Prices Witness a Significant Drop, Offering Relief to the Construction Sector

Lahore: Recent developments, including the crackdown on iron scrap smuggling and the devaluation of the dollar, have led to a substantial decrease in steel bar prices, according to a news report published on October 13.

The noteworthy point is that steel bar prices have seen a remarkable decline of PKR 50,000 per tonne, bringing the cost down to PKR 240,000 from the previous PKR 290,000 per tonne. Traders are optimistic that this reduction in production costs could ultimately translate into lower prices for everyday consumers. Nevertheless, they also express concerns that the broader public is yet to witness substantial relief, particularly in light of escalating expenses related to electricity and gas bills.

It's important to highlight that the prices of construction materials have surged significantly nationwide this year, putting immense pressure on the construction industry. Costs of fundamental construction materials such as gravel, bricks, and cement have experienced notable increases.

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