The construction industry in Pakistan is facing higher costs as steel prices have experienced a significant hike. The price of steel rebar, also known as iron, has increased by Rs5,000 per ton due to a surge in production costs and supply chain disruptions caused by the Middle East crisis. As a result, the retail prices for local and imported steel rebar now range from Rs240,000 to Rs260,000 per ton. In contrast, the price of cement has slightly decreased and currently stands at Rs1,246 per bag [85fd1150].
This surge in steel prices in Pakistan adds to the global narrative of fluctuating iron ore prices and the challenges faced by the steel industry. The increase in production costs and supply chain disruptions highlight the impact of global events on local markets. The Middle East crisis has disrupted the supply chain, leading to higher costs for steel production. As a result, the construction industry in Pakistan is grappling with increased expenses, which could potentially affect infrastructure projects and housing development [85fd1150].