The domestic prices of steel products have once again spiked due to a sudden surge in the cost of raw materials in the international market.
Domestic steel producer Aisha Steel Mills Limited (ASL) announced a big increase in the prices of Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC) by Rs. 2,000 per ton on Wednesday, according to JS Research.
Effective from 14 December 2022, the new price for CRC is Rs. 211,550 per ton and Rs. 218,900 per ton for HDGC.
Similarly, an increase in the prices of steel rebars by around Rs. 2,000 per ton has also been announced. Effective from 14 December 2022, the new prices now stand in the range of Rs. 203,000-205,000 per ton.
The construction industry is struggling with pricing its housing units due to massive hikes in project completion costs owing to delays faced by manufacturers in the aftermath of the floods.
The current market situation is quite alarming for the local steel industry, where the cost of inputs is increasing rapidly, leaving the manufacturers with no choice but to pass the impact on to the end users.
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