Following a significant depreciation of the Pakistani rupee and an increase in the cost of raw materials, the price of steel bars has surpassed Rs280,000 per tonne.
A slowdown in the construction industry is being caused by the all-time high steel price.
The depreciation of the rupee against the dollar, according to Hamad Poonawalla, president of the All Iron Steel Merchants Association, is driving up the price of steel.
Poonawalla added that the closure of Pakistan Steel Mills has resulted in insufficient domestic iron production to meet the needs of the nation.
In order to receive the material held up at the ports and bring down prices, he demanded that the government guarantee the opening of LCs.
“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.
