{"id":12014,"date":"2023-02-23T15:10:33","date_gmt":"2023-02-23T10:10:33","guid":{"rendered":"https:\/\/propakistani.pk\/proproperty\/?p=12014"},"modified":"2023-02-23T15:10:33","modified_gmt":"2023-02-23T10:10:33","slug":"construction-industry-hit-as-steel-prices-surge-in-pakistan","status":"publish","type":"post","link":"https:\/\/propakistani.pk\/proproperty\/construction-industry-hit-as-steel-prices-surge-in-pakistan\/","title":{"rendered":"Construction Industry Hit as Steel Prices Surge in Pakistan"},"content":{"rendered":"<p>ISLAMABAD: The prices of steel bars and products in Pakistan have surged by 30% in the first seven months of the fiscal year 2022-23, according to a report by the Pakistan Bureau of Statistics (PBS).<\/p>\n<p>The report highlights that the devaluation of the Pakistani rupee has led to a rise in the import costs of steel, causing an increase in steel prices.<\/p>\n<p>Moreover, the ban on letters of credit (LCs) has not deterred the import of iron and steel scrap, with imports reaching 225,255 tonnes, valued at USD 112 million, in January 2023.<\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/pakistan-steel-industry-in-crisis-due-to-lack-of-lcs\/\" target=\"_blank\" rel=\"dofollow\" class=\"u4007f1d98c949c1c9f07544546fd645c\"><style> .u4007f1d98c949c1c9f07544546fd645c { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#2C3E50; border:0!important; border-left:4px solid #F1C40F!important; text-decoration:none; } .u4007f1d98c949c1c9f07544546fd645c:active, .u4007f1d98c949c1c9f07544546fd645c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u4007f1d98c949c1c9f07544546fd645c { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u4007f1d98c949c1c9f07544546fd645c .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .u4007f1d98c949c1c9f07544546fd645c .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .u4007f1d98c949c1c9f07544546fd645c:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">ALSO READ<\/span>&nbsp; <span class=\"postTitle\">Pakistan Steel Industry in Crisis Due to Lack of LCs<\/span><\/div><\/a><\/div>\n<p>Despite this, the average per-tonne price of iron and steel scrap in January decreased to USD 499 from USD 525 in December 2022 and USD 623 in January 2022.<\/p>\n<p>The construction industry, which heavily relies on steel, has experienced a slowdown, leading to lower-than-expected revenue generation.<\/p>\n<p>Furthermore, the government has imposed new taxes on steel and cement to address the revenue gap in FY-2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The prices of steel bars and products in Pakistan have surged by 30% in the first seven months of the fiscal year 2022-23, according to a report by the Pakistan Bureau of Statistics (PBS). The report highlights that the devaluation of the Pakistani rupee has led to a rise in the import costs of steel, causing an increase in steel prices. Moreover, the ban on letters of credit (LCs)\u2026<\/p>\n","protected":false},"author":2,"featured_media":9582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-12014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"img_urls":{"thumbnail":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2023\/01\/Steel-Industry.jpg",1000,560,false],"medium":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2023\/01\/Steel-Industry.jpg",1000,560,false],"full":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2023\/01\/Steel-Industry.jpg",1000,560,false]},"author_name":"Nazzir Zaidi","categories_name":["News"],"title_text":"Construction Industry Hit as Steel Prices Surge in Pakistan","related_stories":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts?filter&per_page=4&categories=5&exclude=12014","_links":{"self":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/12014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/comments?post=12014"}],"version-history":[{"count":0,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/12014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media\/9582"}],"wp:attachment":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media?parent=12014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/categories?post=12014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/tags?post=12014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}