Steel prices drop after dip in dollar value

ISLAMABAD: The prices of construction steel bars has seen a big drop following a decrease in the dollar’s value, reflecting the intricate balance between global and domestic markets.

According to local traders, the price per ton of steel bars plunged by Rs50,000, moving from Rs290,000 to Rs240,000.

This could spell potential relief for some; according to one steel bar trader who noted, “If production costs decrease, then common consumers will also witness a decline in prices.”

However, the broader construction industry faces challenges. Data indicates a significant uptick in the cost of construction materials nationwide this year. Notably, the prices of essentials like gravel and cement are reaching all-time highs, making the cost structure for buildings increasingly challenging to manage.

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The almost daily surge in the prices of these commodities is making budgeting for construction projects complex.

“The rising costs of gravel, cement, and bricks have resulted in construction contract prices seeing an unprecedented increase,” added the trader.