Steel Prices Drop as the Rupee Strengthens Against US Dollars

Islamabad: According to a news source steel prices have recently dropped significantly compared to cement, giving the construction sector a break. According to the information provided, the cost of steel per ton has significantly dropped, falling from less than PKR 305,000 to PKR 245,000.

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The recent increase in the value of the national currency is the reason for the drop in steel costs. According to market observers, the depreciation of the series' pricing has been mostly caused by the strengthening of the rupee. The branded series is priced between PKR 263,000 and PKR 265,000, as suggested by dealers, whereas the current per-ton pricing of the local steel is PKR 245,000.

On the other hand, a little nationwide increase in cement bag pricing each week has been seen. According to the statistics department, the average cost of a bag of cement in the northern areas is now PKR 1,276, which is 0.35% more than it was the previous week at PKR 1,271.