KARACHI: Steel bar and cement prices have further risen to Rs120,000 per tonne and Rs700 from Rs116,000 and Rs650 per 50 kg bag earlier this month.

Association of Builders and Developers of Pakistan (ABAD) Chairman Muhammad Hassan Bakhshi said around three months back, steel bar and the 50 kg cement bag were available at Rs95,000-96,000 per tonne and Rs 550, respectively.

Asking the government to take stern action against cartelisation of cement and steel manufacturers, he said these cartels are denting the economy besides destroying construction industry which provides jobs to more than 2.5 million skilled, semi-skilled and unskilled workforce.

Bakhshi urged the government to take action through Competition Commission of Pakistan in curbing cartelization in these two sectors.

Published in Dawn, July 23rd, 2019