KARACHI: The prices of steel bars have surged once again, as the manufacturers increased the purchasing cost by Rs7,000 to Rs139,500-142,500 per tonne.
The purchasing cost of steel bars increasing twice – since the last week of Dec 2020, has resulted in the entire cost of any construction project to increase.
The hike in the prices of both steel bars, and cement earlier will negatively impact the construction activities nationwide.
A committee constituting of Minister for Industries and Production Hammad Azhar, Chairman Federal Board of Revenue (FBR) Jawed Ghani, Chairman Naya Pakistan Housing Development Authority and other relevant personalities was formed by Prime Minister Imran Khan, after taking notice of the price hike.
The committee has been directed to formulate a strategy to tackle this issue.
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