{"id":92462,"date":"2023-02-22T11:41:20","date_gmt":"2023-02-22T06:41:20","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=92462"},"modified":"2023-02-22T11:41:59","modified_gmt":"2023-02-22T06:41:59","slug":"steel-prices-30-fy-23","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/steel-prices-30-fy-23.html","title":{"rendered":"Steel prices rose 30% in first 7 months of FY-23: PBS"},"content":{"rendered":"\n<p>Islamabad: The Pakistan Bureau of Statistics (PBS) reported a 30% increase in steel bars and steel products&#8217; prices in the first seven months (July\u2013January) of the fiscal year (FY) 2022-23, the news sources reported on February 20.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/steel-shortage-coming-arif-habib-ltd.html\" target=\"_blank\" rel=\"noreferrer noopener\">Country-wide steel shortage likely in coming days: Arif Habib Ltd<\/a><\/p>\n\n\n\n<p>The PBS report indicates that the massive increase in the prices of steel products is directly correlated with the devaluation of the rupee in the proposed period, where the rupee lost 35% of its value, thereby increasing the import cost of steel. It was also mentioned that despite the <a href=\"https:\/\/www.zameen.com\/news\/steel-industry-sbp-lcs-issues.html\" target=\"_blank\" rel=\"noreferrer noopener\">letters of credit (LCs) ban, <\/a>total iron and steel scrap imports still rose to 225,255 tonnes (USD 112 million) in January 2023 from 191,681 tonnes (USD 100 million) in December 2022 and 338,832 tonnes (USD 211 million) in January 2022. On the other hand, the average per-tonne price of iron and steel scrap in January fell to USD 499 from USD 525 in December 2022, and USD 623 in January 2022.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/steel-industry-sbp-lcs-issues.html\" target=\"_blank\" rel=\"noreferrer noopener\">Steel industry urges SBP to resolve LCs issues to prevent collapse<\/a><\/p>\n\n\n\n<p>It is important to note that the construction industry, which is heavily dependent on steel, has seen a slowdown in activity, leading to lower than expected revenue generation. The government has also imposed new taxes on steel and cement to shore up the revenue gap in FY-2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Pakistan Bureau of Statistics (PBS) reported a 30% increase in steel bars and steel products&#8217; prices in the first seven months (July\u2013January) of the fiscal year (FY) 2022-23, the news sources reported on February 20. Read: Country-wide steel shortage likely in coming days: Arif Habib Ltd The PBS report indicates that the massive increase in the prices of steel products is directly correlated with the devaluation of the rupee in the proposed period, where the rupee lost 35% of its value, thereby increasing the import cost of steel. It was also mentioned that despite the letters of credit (LCs) ban, total iron and steel scrap imports still rose to 225,255 tonnes (USD 112 million) in January 2023 from 191,681 tonnes (USD 100 million) in December 2022 and 338,832 tonnes (USD 211 million) in January 2022. On the other hand, the average per-tonne price of iron and steel scrap in January fell to USD 499 from USD 525 in December 2022, and USD 623 in January 2022. Read: Steel industry urges SBP to resolve LCs issues to prevent collapse It is important to note that the construction industry, which is heavily dependent on steel, has seen a slowdown in&hellip;<\/p>\n","protected":false},"author":84,"featured_media":63768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[56411,7125,55470,56410],"persona":[],"class_list":{"0":"post-92462","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-pakistansteel-industry","9":"tag-steel","10":"tag-steel-prices-pakistan","11":"tag-steel-prices-rose-30-in-first-7-months-of-fy-23-pbs","12":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steel prices rose 30% in first 7 months of FY-23 - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Pakistan Bureau of Statistics (PBS) reported a 30% increase in steel bars and steel products&#039; 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