Islamabad: Local steel producers have recently announced a huge increase in steel prices. It amounts to a rise of PKR 7,000 per ton, as reported on January 8.

According to the provided information, the updated prices are effective from January 8, 2024. Now, set the cost of steel rebar within the range of PKR 262,000 to PKR 270,000 per ton. This surge is noteworthy. Considering that steel rebar prices have climbed from the previously observed range of PKR 259,000 to PKR 264,000 on October 31, 2023.

Furthermore, analysts highlight potential risks associated with the recent price hike, which could stem from disruptions in the procurement of raw materials. The significant delay in the arrival of shipments has been identified as a contributing factor. It has led to a sharp increase in the prices of steel rebars within the country.

Additionally, the prevailing high-interest rates play a role in the overall escalation of steel costs.