Islamabad: Steel product prices in the domestic market have surged for the third time in the past month. PKR 3,000 per ton increased this time, as reported on November 28. This adjustment responds to the overall rise in raw material costs and a significant upswing in gas prices.
In its latest update, JS Global reveals that retail prices have now been recalibrated to range between PKR 268,000 and PKR 274,000 per ton, effective November 28, 2023. The steel rebar prices, specifically, have seen a cumulative increase of PKR 12,000 per ton. The rate has transitioned from the range of PKR 259,000-264,000 on October 31 to the current bracket of PKR 266,000-272,000.
Acknowledging the potential upward risks associated with this recent surge in steel prices is crucial. Unforeseen disruptions in the procurement of raw materials and a further depreciation in the rupee-to-USD exchange rate could pose additional challenges in the near future.