The steel bar prices have crossed Rs280,000 per tonne after a massive rupee devaluation and rising prices of raw materials in Pakistan, ARY News reported on Thursday.
The price of steel has reached all-time high leading to a slowdown in the construction sector.
According to the president of the All Iron Steel Merchants Association Hamad Poonawalla, the price of steel is surging due to the devaluation of rupee against the dollar.
Poonawalla further said the local production of iron is not sufficient to meet the country’s needs due to the closure of Pakistan Steel Mills.
Read more: Pakistani rupee recovers after massive depreciation
He demanded of the government to ensure the opening of LCs so that material stuck at the ports can be received and prices come down.
“The construction industry is in complete loss due to the non-import of iron. If the situation persists, the construction industry will be completely shut down,” he remarked.
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