{"id":77382,"date":"2021-06-26T10:00:00","date_gmt":"2021-06-26T05:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=77382"},"modified":"2021-06-25T17:52:35","modified_gmt":"2021-06-25T12:52:35","slug":"surging-steel-prices-abad","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/surging-steel-prices-abad.html","title":{"rendered":"Surging steel prices: ABAD urges for tax relief"},"content":{"rendered":"\n

Karachi: Association of Builders and Developers of Pakistan (ABAD) urged the government to reduce the duties and tax on steel products after an increase in steel prices<\/a>, according to news sources.<\/p>\n\n\n\n

Read: <\/strong>Steel producers request govt to reduce minimum tax rate<\/a><\/p>\n\n\n\n

Following an increase in international scrap prices, the market saw a PKR 5,000 per tonne price hike. Former Chairman ABAD Hassan Bakhshi claimed that the government’s goal of providing low-cost housing plans will be difficult to realise if the prices remain uncontrolled.<\/p>\n\n\n\n

Furthermore, steel bar producers stated that rise in global steel scrap prices results in an increase in manufacturing costs. In addition, Hassan Bakhshi stated that the construction cost of high-rise structures has risen by 10% to 15%. This is due to the fact that steel bars account for 40% to 45% of the entire cost of such projects’ development.<\/p>\n\n\n\n

Read: <\/strong>ABAD urges govt to take notice of cement, steel price hike<\/a><\/p>\n\n\n\n

It was also revealed that the average import price of iron and steel products per tonne dropped from USD 389 to USD 386 in the 11th month of Fiscal Year 21 (11MFY21). According to the Pakistan Bureau of Statistics (PSB), imports of iron and steel products grew from 3.6 million tonnes to 4.429 million tonnes in the 11MFY21.<\/p>\n","protected":false},"excerpt":{"rendered":"

Karachi: Association of Builders and Developers of Pakistan (ABAD) urged the government to reduce the duties and tax on steel products after an increase in steel prices, according to news sources. Read: Steel producers request govt to reduce minimum tax rate Following an increase in international scrap prices, the market saw a PKR 5,000 per tonne price hike. Former Chairman ABAD Hassan Bakhshi claimed that the government’s goal of providing low-cost housing plans will be difficult to realise if the prices remain uncontrolled. Furthermore, steel bar producers stated that rise in global steel scrap prices results in an increase in manufacturing costs. In addition, Hassan Bakhshi stated that the construction cost of high-rise structures has risen by 10% to 15%. This is due to the fact that steel bars account for 40% to 45% of the entire cost of such projects’ development. Read: ABAD urges govt to take notice of cement, steel price hike It was also revealed that the average import price of iron and steel products per tonne dropped from USD 389 to USD 386 in the 11th month of Fiscal Year 21 (11MFY21). According to the Pakistan Bureau of Statistics (PSB), imports of iron and steel products…<\/p>\n","protected":false},"author":83,"featured_media":71142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[40376,27497,24276,46502,46503,45974,46501,46500],"persona":[],"class_list":{"0":"post-77382","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-association-of-builders-and-developers-abad","9":"tag-construction-industry","10":"tag-construction-sector","11":"tag-increase-in-steel-product-prices","12":"tag-relief-package-for-steel-manufacturers","13":"tag-steel-price-in-pakistan","14":"tag-steel-prices-surge","15":"tag-surging-steel-prices-abad-urges-for-tax-relief","16":"cat-15017-id"},"acf":[],"yoast_head":"\nSurging steel prices: ABAD urges for tax relief - Zameen News<\/title>\n<meta name=\"description\" content=\"Association of Builders and Developers of Pakistan (ABAD) urges the government to reduce the duties and tax on steel products after an increase....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/surging-steel-prices-abad.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Surging steel prices: ABAD urges for tax relief - 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