Lahore February 3 2023: Steel prices in Pakistan reaches PKR 284,000 for the first time in country history due to serious shortages of raw material, high cost of production and current economic condition of the country, according to the steel rebar companies.
In less than a month time steel companies increase prices of rebars by more than PKR 60,000 per ton.
In a message to its business partners, Mughal Steel increased prices of rebars of Mughal Supreme & Mughal G-60 by 12,000 per metric ton effective from today.
Pakistan Rupee depreciates PKR 5.22 or 1.89 percent in Interbank to close at PKR 276.58 on Friday. During the last seven working days Rupee lost 16.5 percent or PKR 45.69 against the dollar in Interbank.
Steel production in Pakistan decreased by 8.7 percent in first four months of this fiscal year to 2.3 million tons.
Scrap steel quantity imported decline 41.18 percent in first half of fiscal year 2023 to 1.2 million ton when compared with imported quantity of 2.1 million ton in the same period last year, according to data available at Pakistan Bureau of Statistics.
The price of Scrap imported in Pakistan decreased by 1 percent from USD 573 per ton to USD 567 per ton. However, in Rupee term the prices of scrap increased by 27 percent from PKR 99,000 per ton to PKR 126,000 tons in the first half of fiscal year 2023.
