The prices within the nation for steel goods have been increased for August due to the threat of surging costs of raw materials affecting the local building industry.
Steel Prices Increase by Rs 8000 per Ton
The cost of steel reinforcement bars has been raised by approximately Rs. 8,000 per metric ton (starting from August 1, 2023). Presently, the retail costs are situated within the bracket of Rs. 260,000 to Rs. 267,500 per ton, as reported by JS Research.
The surge in steel costs might result in significant deficits in the upcoming weeks.
The present economic situation is rather unfavorable due to swift increases in input expenditures, compelling manufacturers to transfer the expense to final consumers.
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Starting from the previous year, participants in the steel sector have conveyed their worries regarding import-linked problems as they hold the view that the steel domain acts as the foundation of the economy and is a primary exporting field for the nation.
Given the ongoing challenges confronted by the nation, manufacturers would seek governmental backing for the steel industry to aid its revival from the predicament.