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Islamabad: The Federal Board of Revenue (FBR) has announced a sharp increase in the least value of supply for five locally produced steel products. This will certainly lead to a price hike in steel prices while affecting the already-hit construction industry. According to this raise, now the least price of steel bars has been raised to PKR 25 million per metric ton. This price was previously at PKR 164,037.

Read More: FBR increases value of steel for enhanced GST collection

The price of ship plates has also been raised to Rs. 129,584 from Rs. 172,000 per metric ton. The price of steel scrap and re-rollable iron has also witnessed a rise of Rs. 160,880 from Rs. 125,688 per metric ton. This price hike is not welcomed by the consumer due to a steep rise in the construction cost.

The price hike was also observed in the steel billets of up to PKR .195 million per metric ton. Previously its price was set at PKR .13 million per metric ton. The price of locally produced steel ingots has been raised to a whopping Rs.180,000 from Rs.126,000. Such measures are expected to affect all the associated industries with the construction sector in Pakistan.

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