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Decline in Steel Prices Continues as Pakistani Rupee Strengthens Against USD - LRE-Azan - 10-25-2023 05:23 PM
Decline in Steel Prices Continues as Pakistani Rupee Strengthens Against USD
Islamabad: Steel prices have seen a notable downward revision, primarily driven by the significant recovery of the Pakistani Rupee (PKR) against the US Dollar since September 5, 2023, as reported on October 20.
In specific terms, the prices of steel rebar have experienced a reduction of approximately PKR 10,000 per ton, effective from October 20, 2023. According to the latest data from JS Research, the retail prices of steel rebar now range from PKR 250,000 to PKR 258,000 per ton. This price adjustment can be directly attributed to the recent strengthening of the PKR, which has made imported steel more affordable for consumers.
Waqas Ghani, Deputy Head of Research at JS Global, noted that leading steel rebar producers have made a significant announcement to lower steel bar prices, with reductions ranging from 4% to 5%, reflecting the favorable impact of the robust PKR.
At present, concerns regarding steel supply shortages have significantly subsided, and it is expected that the positive trends observed in October will continue. However, it's important to note that unforeseen disruptions in raw material procurement or fluctuations in the rupee-to-dollar exchange rate could potentially exert upward pressure on steel prices in the short term.