The domestic prices of steel products have been revised downwards during the month of October due to the Pakistani Rupee’s massive recovery against the US Dollar since September 5, 2023.
Steel rebar prices have been decreased by around Rs. 10,000 per ton (effective from 20 October 2023). Retail prices now stand in the range of Rs. 250,000-258,000 per ton, according to JS Research.
“On Friday, major steel rebar producers took a significant step by announcing a notable reduction in the prices of steel bars, with a substantial decrease ranging from four to five percent. This move has been attributed to the recent appreciation of PKR,” Deputy Head of Research at JS Global, Waqas Ghani, told ProPakistani.
For now, steel supply fears are largely gone with trends in October likely to remain in the green. The only upside risks to steel prices could be any unexpected disruptions in the procurement of raw materials and near-term slumps in the rupee/dollar rate.