In a significant development, domestic steel prices have increased in the local market by PKR 4,000 per ton.
Although a week ago, there was a reduction of PKR10,000 per ton in the prices, it has surged again. As per the available information, the new price change will take effect on October 31. JS Research reveals that steel rebar prices now will be within the range of PKR 259,000 to PKR 264,000 per ton. This is a significant increase compared to the previous rates of PKR 250,000 to PKR 258,000 per ton, recorded on October 20.
The sudden increase in steel prices has raised concerns regarding the shortage of steel in the forthcoming weeks. The steel supply situation remains uncertain, with prices fluctuating significantly. This price surge can be due to several factors, including unforeseen disruptions in the procurement of raw materials and short-term changes in the rupee/dollar exchange rate.
This price adjustment has sent waves through the steel industry, raising discussions about its potential implications for the construction and manufacturing sectors. As stakeholders closely monitor these developments, it is yet to understand how the market will respond to this sudden change in Steel prices.