Lahore February 5 2023: Steel prices in Pakistan cross PKR 3 lac level 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 78,000 per ton while in just two days steel manufactures increased prices by PKR 30,000 per ton.
In a message to its business partners, Faizan Steel increased prices of rebars of ASTM - A615 - Grade 60 to PKR 301,500 per ton for 10mm-12mm and PKR 299,500 per ton for 16mm-25mm rebars, effective from 4th February 2023.
Whereas, Mughal Steel has increased the rates of Mughal Supreme & Mughal G-60 by PKR 18,000 per ton to PKR 302,000 per ton.
Agha Steel notified new prices to be PKR 300,000 per ton for 16-32 mm and PKR 302,000 per ton 10-12 mm respectively for the deformed Grade-60 from 4th February 2023.
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.