Steel prices come down after observing sharp increase

KARACHI: The steel prices have observed a decline after the readjustment in prices of the international market. The prices of steel had skyrocketed amidst the Covid-19 pandemic and consumers were purchasing at high costs.

invest with imarat

Islamabad’s emerging city centre

Learn More

The buildup of steel demand resulted in the surge of prices as they increased from Rs117,000 per ton in November 2020 to Rs140,000 per ton in the month of January 2021.

The prices of rebars also increased due to the shortage in the collection of scrap and interruptions in supply due to the Covid-19 pandemic. The cost of scrap stood at $350 per ton in October 2020 and rose to $500 at the beginning of 2021.

Similarly, the factors like rupee depreciation against the dollar, and increase in the interest rate by the State Bank of Pakistan also contributed to the hike in prices.

The reduction in steel prices will supplement the Naya Pakistan Housing Scheme and will benefit the construction industry.

For news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

Lahore-Rawalpindi Bullet Train Project Lauded as a Major Milestone for Punjab’s Development

Members of the National and Punjab Assemblies have lauded the provincial government’s plan to introduce…

7 hours ago

CDA Sets New Record with Rs25 Billion Development Expenditure This Fiscal Year

ISLAMABAD: The Capital Development Authority (CDA) has recorded a historic development expenditure of Rs25 billion…

1 day ago

Islamabad Set to Inaugurate State-of-the-Art IT Park on August 14

ISLAMABAD: The federal government is set to inaugurate the Islamabad Information Technology Park on August…

3 days ago

Lahore’s Central Business District Completes PKR 9 Billion Smart Road Project

Lahore, April 23, 2025 – The city of Lahore has successfully completed the construction of…

4 days ago

Chaaye Khana Unveils First-Ever Rooftop Outlet at Amazon Mall with Panoramic Views

ISLAMABAD, Pakistan – April 23, 2025 – Chaaye Khana, Pakistan's popular cafe renowned for its…

6 days ago

PM Shehbaz Inaugurates Murree Road Underpass Project

ISLAMABAD: Prime Minister Shehbaz Sharif laid the foundation stone for the Murree Road underpass on…

6 days ago