KARACHI: Manufacturers of steel bars have again raised the prices by up to Rs7,000 per tonne.

From mid November till to date, the makers had increased prices of rebar by over Rs22,000 per tonne on the pretext of rising raw material prices on the world markets.

For example, Amreli Steels Ltd (ASL) had informed the builders regarding hike in rebar prices by Rs7,000 to Rs134,500-135,500 per tonne on deform and Xtreame rebars effective from Tuesday.

Agha Steel Industries Ltd had also jacked up prices to Rs134,500-135,500 per tonne. Naveena Steel Mills had risen the price of 10mm bar to Rs133,500 from Rs126,500 while 12-32mm price to Rs132,500 from Rs125,500 per tonne.

Builders to meet PM today in Islamabad

“Office-bearers of Association of Builders and Developers (ABAD) from all over Pakistan will hold a meeting with Prime Minister Imran Khan on Thursday in Islamabad to review various developments relating to Naya Pakistan Housing Scheme (NHPS), impediments in the construction activities, soaring steel bar prices and its negative impact on the construction activities,” former ABAD chairman Hassan Bakhshi told Dawn.

He said builders would urge the prime minister to cut import duty on finished steel bar. At the current US dollar exchange rate of Rs160, the price of imported steel bar excluding any duties from Turkey, China and Europe comes to Rs96,800 per tonne as compared to locally made steel at Rs134,500-135,500 per tonne.

Bakhshi said the premier would also review the result of tax incentive schemes given to the construction sector.

Published in Dawn, December 31st, 2020