Steel bar prices surge on rising production cost

Just two days before a meeting with caretaker Prime Minister Anwarul Haq Kakar on Thursday, manufacturers have further raised steel bar prices by Rs3,000-4,000 per tonne to offset rising cost of production. A dealer at Sarya Market behind Civil Hospital quoted the price of Amreli steel bars in the southern region at Rs276,500 for size 9.5/10mm and 12mm, and Rs274,500 for sizes 16mm and above. Faizan Steel informed customers of new rates at Rs272,000-274,000 per tonne on various sizes, citing fluctuations in operational costs of inputs and market conditions. Last month, steel bar prices rose by Rs4,000 per tonne, ranging from Rs250,000 to Rs267,000, driven by claims from large steel producers about the increase in global iron and steel scrap prices.