Price of iron decreases by Rs22,000 per tonne over global market influence

Under the influence of the global market, the price of iron in Pakistan has decreased by Rs22,000 per tonne.

Iron ore prices in Pakistan have decreased nationwide, reportedly as a result of concerns about a recession in other international markets, particularly China, which is Pakistan's top supplier of steel and iron.

Iron's per-tonne price in Pakistan dropped between Rs20,000 and Rs22,000.

A report claims that Pakistan will gain from China's decreasing steel prices. According to traders, the construction industry would benefit from the decline in steel prices, which have dropped from Rs320,000 to less than Rs200,000 as a result of the global slump.

The steel traders further said that galvanized, hot and cold steel sheets from China are being sold at Rs285,000 to Rs295,000. Due to this, the business activities of iron ore and steel have increased.