Steel Prices See Another Massive Increase by Rs. 10,000 Per Ton

The domestic prices of steel products have been revised upwards for the second time in August as the menace of skyrocketing raw material prices and inflation impairs the country’s construction sector.

Steel rebar prices have been increased by up to ~Rs. 10,000 per ton (effective from 16th August 2023). Retail prices now stand in the range of Rs. 270,000-280,000 per ton, according to JS Research.

Previously on August 2nd, steel rebar prices stood in the region of Rs. 260,000-267,500 per ton.

Today’s increase in steel prices could translate into severe shortages in the coming weeks.

Since last year, steel industry players have expressed their concerns about import-related issues because they believe that the steel sector is the backbone of the economy and one of the country’s leading export sectors. In light of the current issues faced by the country, manufacturers would want the government to support the steel industry and help it recover from the crisis.

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