Surge in Domestic Steel Prices Linked to Escalating Raw Material Expenses

[LRE-Azan]

Surge in Domestic Steel Prices Linked to Escalating Raw Material Expenses

Islamabad: Recent statements from domestic steel producers reveal a substantial increase in steel prices, surging by PKR 7,000 per ton, as reported on January 8.

According to the latest information, effective from January 8, 2024, the revised prices set the range for steel rebar between PKR 262,000 and PKR 270,000 per ton. This spike is noteworthy as steel rebar prices have climbed from the observed range of PKR 259,000 to PKR 264,000 on October 31, 2023.

Analysts highlight that potential threats to this recent price surge may stem from disruptions in raw material procurement. A significant factor contributing to the sharp increase in steel rebar prices within the country is the prolonged delay in the arrival of shipments. Additionally, prevailing high interest rates are playing a role in the overall uptick in steel costs.

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