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Steel rebar prices spiked by up to Rs5,000/ton

By News Desk

February 20, 2024 10:09 PM


The prices of construction iron (steel rebar) in the country have surged by up to Rs5,000/ton owing to a rise in production costs and supply chain disruptions caused by the Red Sea crisis, reported 24NewsHD TV channel on Tuesday.

Following the rate hike, the retail prices for local and imported steel rebar stand within a range of Rs240,000 per ton to Rs260,000 per ton.

Local iron has increased from Rs 236,000 to Rs 240,000 per ton while branded iron has increased from Rs 255,000 to Rs 260,000 per ton.

According to the report, scrap/crude iron is being sold up to Rs 160,000 per ton in iron and steel markets.

Economists attribute the upward trend in iron prices to a potential rise in raw material costs.

Any disruptions in the raw material supply chain pose additional risks, intensifying the impact on the already escalating steel prices.

In contrast, the average retail price of cement per bag in the northern regions of the country has recorded at Rs 1,246, marking a slight decrease of 0.84% compared to the previous week.

The continuous week reports an average retail price of cement per sack at Rs 1,256.


News Desk


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