Falling Price of Iron exhibit volatility, similar to other developmental material prices, fluctuating on a weekly, daily, and sometimes monthly basis. Moreover, it is important to note that significant variations in price ranges occur annually, affecting not only iron bars but also other goods. In recent developments, iron prices have been falling from 25,000 per ton.
The decline in steel prices, amounting to Rs 200,000, primarily results from the reduction in raw material costs in the global market. In response, domestic steel manufacturers International Steel Ltd (ISL) and Aisha Steel Works Ltd (ASL) have announced price cuts of Rs 25,000 per ton for cold rolled coil (CRC) and hot dipped galvanized coil (HDGC). The new price for CRC, valid for a one-month period, stands at Rs. 264,550.
Additionally, as of 10th July 2023, CRC is priced at Rs 264,550 per ton, while HDGC is priced at Rs 273,900 per ton. Furthermore, it is noteworthy that the falling price of iron can be attributed to a decrease in demand between June and July, which typically marks the peak construction season. Moreover, rebar prices witnessed a decline last week and are expected to continue falling price of iron due to the challenging summer months in Pakistan.
Effect of iron price volatile:
The iron bar also called “Saria” is one of the basic materials used in the construction of houses and buildings all over the country. It is also available in many sizes expressed in columnar or millimeters and is only used to increase the strength of the structure against vertical and horizontal loads. However, Saria prices in Pakistan have been rising in recent months, varying in degree and size.
Additionally, housing costs have recently had an impact on the construction sector. This is primarily due to the increased expenses involved in completing projects, particularly in relation to metal materials. Furthermore, while the Pakistani steel industry does not heavily rely on the real estate sector, it is experiencing limited growth. Moreover, the anticipated taxes in the 2023-24 budget are likely to exacerbate the existing problems.
Steel companies in Pakistan:
- Amreli Steels
- Aisha Steel
- Agha Steel Industries Limited
- FF Steel
- Faizan Steel
- Ittehad Steel
- Ittefaq Steel Mill
- Kamran Steel
- MS Steel
- Mughal Steel
- Nomee Steel
- Naveena Steel
- Pakistan Steel Mills
- Peoples Steel Mills
- Tuwairqi Steel Mills
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