Due to a significant decline in the price of raw materials on the global market, domestic steel product prices have decreased by Rs. 25,000 per tonne.
According to JS Research, domestic steel makers International Steels Limited (ISL) and Aisha Steel Mills Limited (ASL) on Monday announced significant price reductions for Cold Rolled Coil (CRC) and Hot Dipped Galvanised Coil (HDGC) of Rs. 25,000 per tonne. The new pricing for 1 mm CRC is Rs. 264,550 per tonne as of July 10, 2023, and for HDGC it is Rs. 273,900 per tonne.
It is to be noted that the dip was also sparked by declining demand during what is often the peak building season in June and July. Steel rebar prices fell last week, and additional reductions are anticipated as Pakistan navigates the challenging summer months.
Due to sharp increases in the expenses of completing projects, particularly due to steel prices, the construction industry has recently had difficulty pricing its housing units.
Property and infrastructure make up a significant portion of the demand in Pakistan’s struggling steel industry, but the market for real estate isn’t growing much, and the Budget 2023–24’s levies are expected to make matters worse.
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