The domestic prices of steel products have been increased by Rs. 5,000 to rise by up to Rs. 273,000 per ton.
Domestic steel producers announced an increase in the prices of steel by Rs. 5,000 per ton on Monday, according to JS Research. Effective from 1 July 2024, the new price for steel rebar is Rs. 262,000-273,000 per ton.
Producers have decided to pass on the impact of imminent upward revision in electricity rates which the government will notify in the coming days.
The upside risks to today’s increase in steel prices could be any disruptions in the procurement of raw materials and more burden on the construction sector.
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