Steel prices fall Rs5,000 per ton

“Long steel industry has slashed prices of rebars by Rs5,000 per ton across the country,” said Topline Research analyst Mehroz Khan on Friday.

“The revised price in the northern region stands at Rs192,000 per ton while consumers in the southern part of the country will pay Rs188,000 per ton.”

To recall, the long steel prices had last declined in April 2021 when rates of rebars in the southern region were reduced by Rs4,000 per ton.

Citing the reason behind the recent price cut, Karachi Iron and Steel Merchants Association (KISMA) President Shamoon Bakir Ali explained that the cost of scrap had come down in addition to the slowdown in demand.

Talking to The Express Tribune, Taurus Securities’ analyst Ameer Hamza stated that the international steel scrap prices had been on the wane for the past two months, however, the decrease was insignificant. “Recently, scrap prices dived from over $500 to $465 per ton, which paved the way for the sharp reduction in domestic steel prices.”