KARACHI: Contrary to the prediction of a jump in steel bar rates, the large steel producers on Tuesday reduced the prices of steel bars by five to seven per cent citing rupee appreciation.

Pakistan Association of Large Steel Producers (PALSP) General Secretary Syed Wajid Bukhari told Dawn that the prices per tonne would be Rs270,000 and slightly above.

M. Waqas Ghani of JS Research said the steel rebar prices had been decreased by Rs15,000 per tonne and retail prices now stand at Rs260,000-268,000 per tonne.

In the last week of September, high-quality steel bars were priced at Rs292,000-294,000 per tonne, while another quality was available for Rs286,000-288,000 per tonne.

In August, steel bar makers had increased the rate by Rs10,000 per tonne attributing rupee depreciation and rising energy cost.

However, Mr Bukhari feared that the prices may bounce back in case the rupee loses its strength against the dollar.

Published in Dawn, October 11th, 2023