Steel Prices Further Increase in Pakistan

KARACHI: (Web Desk) Taking the construction cost further up, the steel rebar prices have risen again mainly due to rupee depreciation and an increase in energy tariffs.

After the recent hike of Rs6,000, the steel rebar prices are hovering around Rs179,000-Rs180,000 a ton as compared to Rs115,000-Rs120,000 per ton in September 2020.

Reacting to the situation, the Pakistan Association of Large Steel Producers (PALSP) secretary-general Syed Wajid Bukhari said the government had not taken any decision to slash duties and taxes on the import of steel scrap.

Bukhari said the PALSP had urged the government to take immediate steps including removal of duties and taxes on raw material, up to 10% reduction in sales tax on steel rebar, levelised energy tariffs as given to the export sector, and keeping the exchange rate at the existing level.

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He held three factors responsible for the surge in steel rebar prices – currency depreciation, hike in raw material prices in the international market, and increase in electricity tariffs.

Bukhari said that the government is trying to give an impression that it has given relief to the industry, which was incorrect.

He feared the steel prices would keep going up in case the rupee value keeps falling against the dollar.

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