The construction industry in Pakistan is facing an uphill battle as the price of steel, the primary raw material for construction, surges to an all-time high level. Leading steel rebars producers on Monday announced an increase of Rs 5,000 per metric ton, citing a shortage of raw materials and a significant hike in the basic power tariff. The decision to increase steel prices was unveiled by major steel rebars producers on Monday, sending ripples of concern through the construction sector. The rising cost of steel, which now stands at a staggering Rs 260,000 per metric ton, has raised eyebrows and left industry players grappling with mounting challenges.

 Additionally, the recent increase in electricity tariffs has further exacerbated the situation, putting immense pressure on steel manufacturers to cope with rising production costs. As steel prices soar to unprecedented levels, the construction industry is feeling the strain on multiple fronts.

Credit: Independent News Pakistan (INP)