In October, the domestic steel product prices have been adjusted downward, driven by the substantial strengthening of the Pakistani Rupee against the US Dollar since September 5, 2023.
Steel rebar prices have specifically seen a reduction of approximately Rs. 10,000 per ton, effective from October 20, 2023. As per JS Research, retail prices now range between Rs. 250,000 and Rs. 258,000 per ton.
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Major steel rebar producers made a significant move last Friday by announcing a notable price decrease of around four to five percent, which has been attributed to the recent appreciation of the PKR. This information was shared by Waqas Ghani, Deputy Head of Research at JS Global.
As of now, concerns regarding steel supply have largely diminished, and the trends in October are expected to remain positive. The only potential factors that could cause steel prices to increase are unexpected disruptions in the procurement of raw materials and short-term fluctuations in the rupee-to-dollar exchange rate.
