The domestic prices of steel products have dipped by Rs. 45,000 per ton due to a sudden drop in the cost of raw materials in the international market.
Domestic steel producers announced a big decrease in the prices of Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC) by Rs. 45,000 per ton on Friday, according to JS Research. Effective from 23 August 2024, the new price for 1 mm CRC is Rs. 211,500 per ton, and Rs. 220,800 per ton for HDGC.
Disappointing demand in what is normally a good construction season during July and September also kicked off the decline, with more cuts expected as Pakistan plays through the closing summer months.
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