Karachi: The local steel industry has raised the per ton rate of steel products due to depreciation in value of Pakistani Rupee against the US Dollar, stated a news report. The rate has increased by PKR 4,000 per ton, leading the per ton value of steel to climb up to PKR 108,000.
According to Association of Builders and Developers Chairman Arif Yousaf Jeewa, the value of steel in the local market has increased by PKR 40,000 in the last 10 months, which has brought along a considerable rise in construction costs. Jeewa demanded the government to make efforts for bringing the rate of steel down. He also indicated the devaluation in rupee value is also negatively impacting the construction sector, which directly affects the people in Pakistan.