July 9, 2021
KARACHI: Rebar prices in Pakistan are lower compared to China and Turkey as local steel producers refrain from passing on international price impact, industry officials said on Thursday.
In a response to higher steel prices in Pakistan, Pakistan Association of Large Steel Producers (PALSP) said a surge in prices was not confined to steel bars only as there had been a phenomenal increase in the cost of construction materials like cement, bricks, sand, and crush.
The steel manufacturers of Pakistan are selling rebars at a lower price as compared to international market prices by absorbing the constantly increasing cost of inputs.
KARACHI: The Pakistan Association of Large Steel Producers (PALSP) on Thursday rejected what it called irresponsible remarks made by the Association of Builders and Developers (ABAD) that said that steel sector was trying to damage the Naya Pakistan Housing Programme by raising prices of bars.
“ABAD has been specifically targeting the steel industry by ignoring the harsh reality that the surge in prices is not confined to steel bars only. There has been a phenomenal increase in the cost of construction materials including cement, bricks, sand, crush etc,” PALSP Secretary General Syed Wajid I Bukhari.
Published in Dawn, July 9th, 2021
The Pakistan Association of Large Steel Producers (PALSP) on Monday claimed that local steel bar prices are 24 per cent less when compared with US domestic prices. Reuters/File
KARACHI: The Pakistan Association of Large Steel Producers (PALSP) on Monday claimed that local steel bar prices are 24 per cent less when compared with US domestic prices and approximately 17-25pc less than the rates in Turkey and China, respectively.
PALSP Secretary General Syed Wajid Bukhari said computing the lowest June 2021 free on board (FOB) price of rebars globally, Turkey at $770 FOB would equate to approximately $1,120 Cost and Freight (CNF) with 17pc GST without any duties added (i.e. $770 FOB + $60 Freight + 5pc handling and LC charges plus 10pc importers gross margin plus 17pc GST). Whereas, local steel manufacturers are selling bars today at prices of Rs150,500 per tonne including 17pc sales tax, equating to $950 – which is 17pc cheaper than Turkish rebar).
ISLAMABAD: The government is mulling a limit on tax-exempted products coming out of merged tribal districts into other parts of the country as a way to allay concerns of steel and edible oil.
Major players in the iron and steel sector said that ill-planning and lack of regulatory oversight was creating distortions in the industry. Reuters/File
ISLAMABAD: Criticising the policy makers and government functionaries for inefficiencies, iron and steel sector stakeholders on Thursday said that after failing to run Pakistan Steel Mills (PSM), the officials were bent on destroying steel units in private sector.
Addressing a press conference, major players in the iron and steel sector said that ill-planning and lack of regulatory oversight was creating distortions in the industry. They further said that investment and growth in the steel sector would be contained if price distortions continued.