In a significant development affecting Pakistan's industrial sector, there has been a substantial increase in domestic steel prices, setting off a chain reaction that may impede progress in the industry.
Local steel producers have announced a price increase of Rs. 7,000 per ton, commencing January 8, 2024. According to JS Research, the new steel rebar costs vary from Rs. 262,000 to Rs. 270,000 per ton.
This surge in prices represents a significant uptick from the rates recorded on October 31, 2023, which ranged from Rs. 259,000 to Rs. 264,000 per ton.
Industry experts propose that one potential factor contributing to this price hike is the increasing pressure on the procurement of raw materials.
Any disruptions in the supply chain for these essential resources could introduce additional risks, exacerbating the already escalating steel prices.
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