Steel prices surge to all-time high level

The booking rates of quality steel rebars have been increased by Rs 8,000 per metric ton with effect from 10th January, 2023. The new Ex-Factory booking rates will be Rs235,000 per metric tons for size (9.5/10mm & 12mm) and Rs.233,000 metric tons for size (16mm & above) deform and Xtreme Rebars.

This is the second increase in the steel prices during the last one week as recently mills have raised the prices by Rs 5,000 per metric ton. Cumulatively, steel producers have increased steel rebar prices Rs 13,000 per metric ton in the last one week. Industry sources said that prices are likely to further go up in coming days and touch a level of Rs 250,000 per metric ton in the local market.

They said that the country is facing a serious crisis of foreign exchange and imposed a number of restrictions on the opening of Letter of Credit (LCs) to contain the country’s import bill.