The price of steel products in the country is now up by Rs. 5,000, to Rs. 265,800 per ton.
According to JS Research, domestic steel makers announced on Tuesday that they will be increasing the cost of Hot Dipped Galvanized Coil (HDGC) and Cold Rolled Coil (CRC) by Rs. 5,000 per ton.
The revised prices for 1 mm CRC and HDGC are the following: as of December 26, 2023, Rs. 256,450 and Rs. 265,800 per ton, respectively.
Any unexpected delays in the acquisition of raw materials might present an upside risk to the current surge in steel prices.
Notably, from Rs. 259,000–264,000 on October 31 to Rs. 266,000–272,000 today, the overall price of steel rebar rose by Rs. 12,000 per ton.
In Pakistan, where the steel sector is stagnating, a significant portion of demand is driven by property and infrastructure; however, the market for homes is not expanding and infrastructure stimulus has slowed. The upward increase in steel rates today could further hinder any sector developments.
