Given the severe shortage of raw materials, of scrap in particular, due to problems with opening letters of credit, coupled with high costs of production and the current economic condition of the country, the major Pakistani rebar producers have decided to revise their offer prices upwards for the third time this month.
Accordingly, following a price revision by PKR 10,000/mt ($44/mt), the current official offers for G-60 rebar (10-12 mm) in Pakistan have settled at PKR 252,500-253,500/mt ($1,099-1,102/mt) ex-works, including taxes.
“This is the third official price revision this month announced by Amreli Steels and Mughal Steel, effective from January 20, which will lead to price hikes by other Pakistani rebar mills,” a market insider told SteelOrbis.
All prices on Pakistani rupee basis include 17 percent VAT.
$1 = PKR 229.85