Steel prices in Pakistan down by Rs45,000 per ton amid declining raw material costs
Steel prices in Pakistan have fallen by Rs45,000 per ton due to a drop in international raw material costs. As of August 23, 2024, Cold-Rolled Coil (CRC) is priced at Rs211,500 per ton, and Hot-Dipped Galvanized Coil (HDGC) is priced at Rs220,800 per ton.
The price decrease also results from weak demand during Pakistan’s construction season.
The Ministry of Industries and Production secretary told the Standing Committee that Pakistan Steel Mills (PSM) has been declared ‘scrap’ and will not be revived. Instead, PSM’s 19,000-acre land will be used for special economic zones (SEZs).
The Committee also discussed the Utility Store Corporation (USC), its performance, and its issues. They raised concerns about the federal taxes imposed on the industry as of July 27.
