Lahore January 20 2023: Steel prices in Pakistan cross PKR 250,000 for the first time in Pakistan 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 ten days steel companies increase prices of rebars by more than PKR 30,000 per ton.
In a message to its business partners, Amreli Steel increased prices of rebars to PKR 254,000/MT for size 9.5/10mm and PKR 252,000/MT for size 12mm and above.
Three days earlier steel manufacturer increased prices to 16mm-25mm rate to PKR 240,500 per ton and 10mm-12mm to PKR 242,500 from range of PKR 222,000 to PKR 225,000 per ton.
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.
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