Islamabad: The price of steel bars in Pakistan has reached an all-time high of PKR 243,500 per tonne, news sources reported on January 17. The previous record for steel bar prices was set in June 2022, when the per tonne rate reached PKR 236,000.
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The manufacturers attribute the increased price of raw materials, soaring production costs, and disruptions in the supply chain mechanism as the major reasons behind the continuous rise in the steel bar prices. The news source further reported that the rate of galvanised sheet or cold rolled sheets used in home appliances and automobiles has increased to PKR 280,000 per tonne.
Reportedly, Faizan Steel has increased the 16mm-25mm rate to PKR 240,500 per tonne and 10mm-12mm to PKR 242,500, while Agha Steel Industries raised the 16mm-32mm rate to PKR 241,500 and the 10-12 mm to PKR 243,500.
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The country’s iron and steel scrap imports have declined significantly, with the quantity and value of imports dropping by 36% and 38% during the July-November period of the current fiscal year, respectively. The average per tonne (APT) price of imported scrap stood at USD 563 in July–December 2022–23, the same value during the same time period in the previous fiscal year was USD 579.