The domestic prices of steel products spiked for the fifth time since December as procuring raw material becomes increasingly difficult due to the import restrictions.
Domestic steel producer Amreli Steels Limited (PSX: ASTL) representing the country’s southern manufacturing backdrop increased the prices of steel rebars by Rs. 5,000 per metric ton effective December 28, 2022. Retail prices now stand in the range of Rs. 225,000-227,000 per ton, according to JS Research.
Since December 2022, manufacturers have raised the prices of steel products by around Rs. 25,000 mainly due to fear of a shortage of raw materials amid restrictions on imports.
Mughal Steel increased the rates of Mughal Supreme & Mughal G-60 by Rs. 5,000 per metric ton in the last week of December. ASTL is the latest manufacturer to announce a rate hike as the production forecast for the entire sector remains grim, taking the overall tally since the first week of December to roughly Rs. 25,000.
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How Sad, we can not only produce steel in Pakistan by our own resources. why we are dependent on import.