Third time, prices of steel rebar increase in Pakistan
KARACHI: International Steels Limited (ISL) has increased the prices of CRC and HDGC by Rs 3000/ton, the industry sources said.
According to the sources, the new prices are Rs 210,500/ton for CRC and Rs 221,700/ton for HDGC, with effect from November 08, 2021. The prices surge because of persistent disruption in global market, pak-rupee depreciation, the source claimed
About two weeks ago, the steel rebar manufacturers have hiked prices once again citing that persistent disruption in global market amid continuous devaluation of the local currency had increased input costs.
According to a notification issued by Amreli Steels about two week ago, the company had increased steel rebar prices by Rs 5,000 per ton due to surge in input costs on the back of currency depreciation and unprecedented increase in fuel and electricity tariffs.
“The new ex-factory booking rates of 9.5mm, 10mm and 12mm deform and xtreme rebar are Rs 187,500 per ton, while steel of measurement 16mm and above will be priced at Rs 185,500 per ton,” the notification added.
In comments to The Express Tribune, Topline Securities analyst Mehroz Khan highlighted that International Steels had recently increased the price of cold rolled coils (CRC) to Rs 207,500 per ton and hot dipped galvanised coils (HDGC) to Rs 218,700 per ton.
“To recall, this is a third hike in flat steel prices in the month of October 2021, taking cumulative rise to Rs 7,000 per ton,” he said.
He was of the view that the long-steel industry was passing the impact of increase in cost to the consumers and an equivalent increase was expected in the northern region as well.
Regarding utilisation, he said that the demand for long steel would remain intact.
“People and companies who have kick started construction or purchased the land to build houses will not wait for the prices to decline,” he said.
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