Steel Price to Hike Further in September 2023

Islamabad: According to a news published on 29-08-2023, domestic steel product prices are expected to escalate further in September 2023.

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According to our sources, the rising raw material costs and Rupee devaluation have increased steel prices by PKR 8,000 per ton at the beginning of September. The current retail prices of steel are between 282,000 to PKR 288,000 per ton.

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The Pakistan Bureau of Statistics (PBS) reports indicated that steel cost production has risen to 50% in the past three years. The steel demand has deteriorated by 20% in the last few years.  Pakistan’s Steel Industry is going through a severe crisis because of the country’s fluctuating economy, political instability, surging costs, and rupee devaluing.

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Moreover, global economic conditions and consumer behavior trends also push the cost of raw steel materials. The country’s real estate sector significantly impacts the demand for Pakistan’s steel industry. However, many economics experts have noticed a momentum growth of certain raw materials dominating steels with modern architecture trends.

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