Rising international scrap prices raise steel prices

Steel companies across the country raised bar prices by 7,000 PKR per tonne in Pakistan’s northern and southern regions on Monday (June 13) in response to rising international raw material costs, according to news sources.

A 1-ton bar is currently priced at PKR 226,000 in the North and PKR 229,000 in the South. The steelmaker reportedly announced price increases on Monday, and the increases took effect immediately. Rising costs of raw materials and scrap reportedly pushed up prices, pushing up local prices.

Market analysts believe the price increase was due to supply chain problems and parity between the dollar and the rupee. It is important to note that rising steel bar costs are expected to have a negative impact on the construction sector.

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