Steel prices drop in Pakistan – December update 2023

In Pakistan, the price of steel, a crucial construction component, has experienced a notable decrease, attributed to the significant strengthening of the Pakistani rupee against the US dollar since September 2023.

The surge in the Pakistani rupee, surpassing the Rs300 mark, prompted authorities to launch a crackdown on currency smugglers and hoarders. This initiative yielded positive outcomes, leading to the strengthening of the local currency against the greenback.

Recent data from the central bank indicates that the Pakistani rupee continued its upward trend against the US dollar for the seventh consecutive session. The local currency appreciated by Rs0.24, reaching a quoted value of 284 during trading and settling at 284.14.

Steel Rates in Pakistan December 2023

As a result of the rupee’s appreciation, steel rates in Pakistan have witnessed a substantial decline, dropping by Rs60,000 per ton. The revised price is now set at Rs245,000 per ton, a significant decrease from the previous Rs305,000.

As of December 7, 2023, the local steel price stands at Rs245,000, while branded steel is available in the range of Rs262,000 to Rs265,000. This shift in steel prices aligns with the positive impact of the strengthened Pakistani rupee against the US dollar.