Karachi August 25 2024: International Steel Limited, the largest flat steel manufacturer in Pakistan, has slashed flat steet prices by PKR 45,000 per ton to PKR 247,800 per ton of CRC for customers due to decline in raw material HRC prices, according to the price notification issued by the company to its dealers.
HRC Steel decreased 418.96 USD per ton or 38.33 percent since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, HRC Steel reached an all time high of 1945.00 in September of 2021.
“Due to China’s excess capacity and low demand, international flat steel prices have been on the lower side, having already peaked” states Zayan Babar Khan research analyst at Optimus Capital in its recent report.
“Additionally, sales volumes are anticipated to see a mild recovery in FY25, driven by improved economic activity and a low base in FY24. Lastly, the extension of sales tax exemption for the FATA-PATA region for another year has negative implications for both the long and flat steel industries based in north” he added.
