Steel bar prices drop by Rs7,000 per ton: Dawn

By Aamir Shafaat Khan

KARACHI, Nov 24: The price of steel bars (sarya) plunged to Rs55,000-56,000 from Rs61,000-62,000 per tons two weeks back following cut in prices of billets by Pakistan Steel.

The cut in steel bar prices may provide some relief to the people as the cost of construction, which surged substantially, may come down to some extent.However, the importers and dealers of steel products feel that the prices of steel products could further come down if the Customs resolves the clearance problem.

President Karachi Iron and Steel Merchants Association (KISMA) Shamoon Bakar Ali said that the prices of steel items had fallen sharply in world markets. For example, he said billet price has declined to $350 per ton from $700 per ton few months back. Similarly, the price of galvanised items has plunged to $600 from $1,000-1,200 per ton.

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