The domestic prices of steel products have been revised upwards once again during the month of August as the menace of skyrocketing raw material prices and rupee devaluation impairs the country’s construction sector.
Steel rebar prices have been increased by up to Rs. 8,000 per ton (effective from 29 August 2023). Retail prices now stand in the range of Rs. 282,000-288,000 per ton, according to JS Research.
Property and infrastructure account for a big chunk of demand in Pakistan’s stagnating steel sector but infrastructure stimulus has slowed and the market is showing little growth.
The current market environment is pretty bad as input costs are rapidly rising, leaving manufacturers with no choice but to pass the cost on to end users. Today’s upward revision in rebar prices will surely be reflected in various sectors in the weeks to come.