The domestic steel re-bar prices are feared to cross Rs. 150,000 per ton on a massive surge in global scrap rates, which have gone up from $350 per ton in
Steel sector has requested the government to reduce the minimum tax rate for dealers and distributors citing that the tax was counter-productive for them to function effectively.
The Express Tribune speaks to experts in different sectors to assess outlook of economy
Pakistan has expectedly missed its GDP growth rate target in the outgoing fiscal year. PHOTO: INP
The economy had been under pressure for the past 12 months. While for some sectors 2020 had been a nightmare, for others it was a blessing in disguise.
It had been a year unlike any; while the services sector was battered by the pandemic, new businesses also emerged. Though the agriculture sector suffered due to lockdowns, locust attack and climate change, the construction sector and capital markets managed to finish the year on a positive note.
National
December 29, 2020
ISLAMABAD: Countryâs steel sector rejected the statement given by Association of Builders and Developers (ABAD) chairman and the claim of accusing the sector of cartelisation or conspiring against PMâs Naya Pakistan Housing Scheme.
Pakistan Association of Large Steel Producers (PALSP) wants to make it clear that the most recent increase in the prices of steel bars is the result of drastic increase in steel melting scrap prices internationally. This phenomenon is not confined to Pakistan as it is happening the world over and is due to shortage of scrap in the international market caused mainly by COVID-19 related supply chain disruptions but also due to heavy snowfall in many countries, which reduces the collection of scrap. As a result, the prices of raw material internationally have shot up from $305 in August 2020 to current bookings of $470. This price may further rise in the international market.