Steel prices in Pakistan have dropped significantly, encouraging homemakers and investors, to kickstart construction and build their dream properties. According to the recent decrease of 45,000 per ton, the latest steel prices in Pakistan as of August 23, 2024, are;
Gold Rolled Coiled (GRC) is Rs. 211,500 per ton
Hot Dipped Galvanized Coil (HDGC) is Rs. 220,800 per ton
Saria rates for grade 40 is Rs. 298 per kg and for grade 60 is Rs. 300 per kg
Why have Steel Prices in Pakistan Decreased?
There are a few reasons behind the decrease in steel prices. One of which is the prices of raw materials declined globally affecting the Pakistani market as well. The usual construction season in Pakistan is from July to September, and more excavators and concrete mixers are seen around the corners. However, this year a decline in the construction rate added to the decrease in the steel demand, thus reducing the prices.
New Steel Prices: Good News or Bad?
The recent drop in steel prices in Pakistan has attracted mixed reviews some calling it positive news for those who want to construct their properties. While others call it negative news, as it points towards a decrease in the demand for the material. We will see how it will impact the industry in the coming months.
What is the Future of Steel and Pakistan Steel Mills?
The future of steel is bright but the future of Pakistan Steel Mills seems silver as the federal government has decided to shut down the state-owned enterprise. Established in 1973 by the former Prime Minister of Pakistan Zulfiqar Ali Bhutto, PSM could produce 2.2 million tons of steel.
However, the last few decades have been bitter for PSM, as the enterprise sunk into billions of losses. As we dig deep, to find the causes, of the hole that subsumed our steel mills, some of the reasons for its unsatisfactory performance were corruption, meritless recruitment, and taxation.
The 19,000 acres of Pakistan Steel Mills are a land of opportunities for special economic zones. The 700 acres of PSM land has already been given to the Sindh Government to establish their steel plant. As the powerful corridors brainstorm the ideas to use PSM land for other purposes, one of the intelligent questions that strikes the mind is why can’t the PSM infrastructure be improved and the technology be upgraded.
Scope of Steel
Who would deny the power of steel? It is everywhere from homes and buildings to bridges, ships, cars, trains, weapons, and machines. However, the housing and construction sector is the highest consumer of steel.
The future of steel on a global level is bright, as according to the World Steel Organization, steel use will increase by 20% by 2050. Global data reveals that the world steel use per capita has increased from 150kg in 2002 to 220 kg in 2023. This hints towards the scope of steel in the future.
New Cement Prices in Pakistan 2024
Cement prices in Pakistan dropped slightly due to higher FED which decreased the cement sales in the country. New Cement prices for 50kg bags are counted near Rs. 1500, as per kg cement bag is now Rs 20 cheaper than before.
Fauji cement 50kg cement bag is around 1510 to 1520
Lucky cement 50kg cement bag price is around 1515 to 1525
Askari cement 50kg cement bag price is around 1515 to 1525
Bestway cement 50kg cement bag price is around 1530 to 1550
Kohat cement 50kg cement bag price is around 1510 to 1520
Pakcem cement 50kg cement bag price is around 1520 to 1530
DG Khan cement 50kg cement bag price is around 1520 to 1530