The price of steel bars has experienced a considerable decrease. This price shift can be due to two primary factors: a crackdown on iron scrap smuggling and the devaluation of the US dollar.
The steel bar prices now stand at PKR 240,000 per tonne. This marks a substantial PKR 50,000 decrease from the earlier rate of PKR 290,000 per tonne. This huge decrease will surely ease the construction processes.
On the other hand, the rising costs of essentials such as electricity and gas bills cast a shadow over the potential benefits of cheaper steel. Many experts wonder whether these price reductions will really leave an impactful impression on the smart construction Techniques.
The construction industry in Pakistan has faced considerable challenges this year. The costs of vital construction materials, including gravel, bricks, and cement, have surged, pushing the industry to the brink of collapse. The reduction in steel prices is quite a positive development amid the broader economic pressures affecting the construction sector.