Islamabad: The steel prices recently dropped due to the Pakistani Rupee’s recovery against the US Dollar as of September 5, 2023.
The steel rebar prices have witnessed a reduction of approximately PKR 10,000 per ton. This price adjustment took effect on October 20, 2023. As per the latest data provided by JS Research, the current retail price for steel rebar ranges between PKR 250,000 and PKR 258,000 per ton. The latest prices can be directly attributed to the current rise in the value of the PKR.
Waqas Ghani, the Deputy Head of Research at JS Global, noted that steel rebar manufacturers reduced steel bar prices. The price cut, ranging from 4% to 5%, clearly demonstrates the positive impact of the strengthened PKR.
However, it is vital to remain watchful about potential upward pressure on steel prices that could arise due to unforeseen disruptions in the procurement of raw materials or fluctuations in the short-term rupee-to-dollar exchange rate.
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