Steel witnesses all-time high price hike

Karachi: The first adverse impact of expensive electricity has emerged as the foundational raw material of the construction industry, steel, witnessed a significant price hike.

Steel manufacturers raised the price per ton of steel by 15,000 rupees on the eve of the weekend.

According to the manufacturers, the price hike is a result of soaring electricity and dollar costs.

Following the increase, per ton steel price has reached 260,000 rupees, according to major steel manufacturers.

The rise in the prices of crucial raw materials for construction is putting additional pressure on construction costs, with an approximate 50% increase over the past year.