Business
Steel prices soar to unprecedented levels
Steel price per ton reaches Rs2.88 million, witnessing an increase of Rs8,000.
Karachi: Steel has hit an all-time high in terms of pricing. According to J.S. Research, following an increase of Rs8,000, the price of steel has climbed to Rs2.88 million per ton.
Economic experts suggest that the continuous surge in steel prices raises concerns about the future of infrastructure projects and fundamental development in Pakistan.
The construction sector, which is integral to the country's economic advancement, is grappling with the crisis stemming from escalating raw material costs and fluctuations in the value of the Pakistani rupee.
It remains evident that the trend of increasing dollar value against the Pakistani rupee in interbank exchange is persisting.
It's worth noting that within a mere two weeks, the dollar has risen by Rs15 in interbank markets, while it is Rs20 more expensive in the open market.