Domestic Steel bar prices have again witnessed an increase of Rs 3,000 to reach a record level of Rs 146,500 per tonne before the FY22 federal budget.

Previously, the prices of steel bars were increased by Rs 5,000 per tonne to Rs 142,500–143,500 in Mid of May-2021, due to sudden increase in international scrap prices.

The average import price per tonne of iron and steel scrap for the 10 months of the current fiscal year (10MFY21) stood around $379 per tonne compared to $389 per tonne in the same period of FY20.

According to the Pakistan Economic Survey 2020-21, steel and steel production in the country increased by 1.66 percent during July-March 2021, compared with a decrease of 7.96 percent in the same period last year.

In the subcategory of Production of Steel, billets/ingots, increased by a massive 37 percent compared to a decrease of 14.6 percent last year, backed by an increase in construction activity in the country.

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