Steel price may nosedive by Rs70,000 per ton

Price of steel is likely to drop by up to Rs70,000 per ton after the fall in the value of the US dollar, reported 24NewsHD TV channel on Wednesday.

President of Iron Steel Merchants Association Hammad Poonawala expressed the hope that the price will plunge, saying at the moment there has been Rs20,000 drop in per-ton price of  steel in Punjab which is Rs270,000 and “We are expected that it would nosedive by another Rs50,000 to Rs220,000 per ton.”

Positive effects were also seen in the steel market after the decrease in dollar rate and as a result the steel price is coming down.

Hamad Poonawala said that according to information the price of steel in Punjab will drop to Rs220,000.

Hamad Poonawala said that uncertainty will continue until the value of dollar stabilizes as the traders are bearing losses on daily basis.

On the other hand, importers have lost millions of rupees due to the decrease in import cost.

Reporter: Kawish Mamon