Steel prices in Pakistan increase due to strong demand

Steel prices in Pakistan increase due to strong demand

According to recent news in the market, prices of various steel products in local Pakistani market have increased 10-15% during the last two weeks on the back of surging demand and shortage of supply. The demand for steel products is stated to have increased due to rising construction activities especially after Ramadan. When this situation is coupled with the shortage of supply by Pakistan Steel Mills, prices of steel products, especially the ones used in construction sector have increased recently. The 10-15% increase corresponds to a rise of around Rupees 3'000-4'000 ($50-67) per ton. Steel prices in Pakistan have almost doubled by two-fold since March 2004. The biggest increase is seen in the price of iron rods, which increased from Rupees 43'000 ($719) per ton to Rupees 46'000-50'000 per ton. Prices of certain flat and galvanized steel products increased similarly. Prices of hot rolled coil products increased from Rupees 49'000 ($819) per ton to Rupees 50'000-52'000 ($836-869) per ton.