ISLAMABAD: Construction costs in Pakistan have surged once again due to a sharp hike in steel prices. The ongoing economic crisis, coupled with persistent delays in shipment arrivals, has compounded the issue, adversely affecting individuals intending to construct homes.

The price of steel rebar, commonly known as iron, has spiked by Rs5,000 per ton due to increased production costs and disruptions in the supply chain caused by the Middle East crisis.

This has pushed the retail prices for both local and imported steel rebar to a range of Rs240,000 to Rs260,000 per ton.

Locally produced iron now costs between Rs240,000 and Rs260,000 per ton, up from Rs236,000, while branded iron has seen a similar increase from Rs255,000 to Rs260,000 per ton.

Additionally, the price of crude iron or scrap has risen to Rs160,000 per ton in the iron and steel markets.

Further supply chain disruptions could exacerbate the already soaring steel prices, posing additional risks to construction projects.

However, there is a slight silver lining as the price of cement has seen a marginal decrease, currently standing at Rs 1,246 per bag.

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