KARACHI: Amid weather-related construction slowdown across the country, the steel bar makers have slashed the prices by Rs5,000 per tonne.

General Secretary Pakistan Association of Large Steel Producers Syed Wajid I. Bukhari (PALSP) said the new price in northern region is now Rs188,000-189,000 per tonne, while in the southern region, the rates hover between Rs193,000-194,000 per tonnne.

He said the prices have been reduced across the board as part of market adjustment process.

This kind of situation happens every year in the months of January and February when demand of steel bar goes down due to reduction in construction activities because of weather, he said.

Wajid said the industry performed well in 2021 and came out of crisis situation despite massive jump in iron and steel scrap prices by $445-560 per tonne.

Published in Dawn, January 22nd, 2022