ISLAMABAD: The price of steel products in Pakistan has seen a significant reduction of Rs45,000 per ton, a development attributed to a decline in international raw material costs and subdued demand in the construction sector.
As of August 23, 2024, the price for Cold Rolled Coil (CRC) has decreased to Rs211,500 per ton, while Hot Dipped Galvanized Coil (HDGC) is now priced at Rs220,800 per ton.
This notable drop in steel prices comes in the wake of a global downturn in raw material costs, which has impacted the pricing structures of various steel products worldwide. The local market in Pakistan has also been affected by weaker demand during the typical construction season.
Meanwhile, the Standing Committee on Industries and Production received an update on the status of Pakistan Steel Mills (PSM). The Secretary of the Ministry of Industries and Production informed the Committee that PSM has been declared ‘scrap,’ a decision signaling that reviving the company is deemed nearly impossible.
Consequently, the 19,000-acre land owned by PSM will be repurposed for establishing Special Economic Zones (SEZs), a move aimed at enhancing industrial development and economic growth.
The Standing Committee also addressed issues related to the Utility Store Corporation (USC), discussing its functions, performance, and the challenges it faces. Additionally, the Committee expressed concerns about the recent federal taxes imposed on the steel industry, which were introduced on July 27.
