Lahore: The domestic prices of steel experienced their second hike in August, driven by soaring raw material costs and increasing inflation rates, according to news published on August 2023.
After this upward adjustment, the domestic steel rebar prices have surged by approximately PKR 10,000 per ton with the new rates. According to sources, the retail price range for steel now averages PKR 270,000 to PKR 280,000 per ton. Steel rebar cost had escalated from PKR 260,000 to PKR 267,500 per ton.
The construction sector is in turmoil due to the consistent surge in steel prices. Steel manufacturers have attributed these cost hikes to shortages in raw materials and a significant rise in the primary power tariff.