KARACHI: Prime Minster Imran Khan has formed a committee comprising government higher-ups and the private sector to look into the rising steel bar prices, builders who attended the NCC meeting, told Dawn.

The premier asked the committee comprising Indus­tries Minister Hammad Azhar, Chairman Federal Board of Revenue Jawed Ghani, chairman Naya Pakistan Housing Development Authority and the private sector people to come up with a viable solution by coming Thursday.

The premier took this decision during a meeting of National Coordination Committee (NCC) on Housing and Construction held on Thursday which was also attended by the builders and developers.

When reached for comment, the industries minister denied the formation of any committee however. “There will just be a consultative meeting to examine the issue,” he told Dawn.

Sources in the meeting said the prime minister has tasked the committee to come up with a strategy on constantly rising prices of steel bars after detailed research analysis relating to local production of steel bars, consumers’ interest and impact on government’s revenue.

Builders have been urging the government to take notice of soaring steel bar prices that have risen by over Rs22,000 per tonne from mid-November till December to Rs132,500-135,500 per tonne, while the steel bar makers attribute this to rising steel scrap prices in the world market.

The steel price spiral has pitted builders against steel makers as a construction boom gets underway in the country.

Published in Dawn, January 2nd, 2021