Steel Prices Jump by Rs.5,000 Per Ton along with Cement Price

The threat of a sharp rise in construction material prices hurt the country’s construction sector in December 2022, leading to a fourth rise in domestic steel and cement prices.

Domestic steel firms, which are typical of the country’s northern manufacturing environment, on Wednesday, hiked the price of steel rebars by Rs 5,000 per tonne. According to JS Research, retail prices are in the range of Rs 218,000-220,000 per tonne.

A check of channels also revealed that Mughal Steel has increased the prices of Mughal Supreme and Mughal G-60 by Rs 5000 per metric tonne from 28 December 2022.

About a week ago, steel producers increased the price of steel rebars by Rs 2,000 per tonne. Ayesha Steel Mills Limited has seen a significant increase in the prices of cold rolled coil and hot dipped galvanized coil by Rs 2,000 per tonne and Rs 218,900 per tonne respectively.

Cement prices surged 41%, while steel prices rose about 16% from December 2021 to December 2022, according to reports from manufacturers and traders. A broad increase in prices has also led to higher construction costs and a slowdown in construction activity.

According to market research, on 30 December 2021, the price of a 50 kg bag of cement increased from Rs.738 to Rs.1,043.

The current market environment is not good as rapidly rising input costs result in manufacturers having to pass on the cost to consumers.

Stay connected to Arkaa News for the latest news and updates.