KARACHI: The construction activities are likely to come under pressure, as the domestic iron and steel manufacturers have increased the price of a steel bar by Rs5,000 to a record high of Rs151,500/tonne in the domestic market.

An official at Agha Steel Industries Limited said that the prices had been increased due to an unexpected surge in the international scrap prices, which had affected the cost of production.

Arif Yousuf Jiwa, vice-president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that the cost of construction would increase.

There was no check on price increase, he said, adding that since December 2020, the prices of steel bars have witnessed an increase of Rs30,000/tonne.

The prices of steel bars had been increased three times only in this month, he said, adding that as the government is giving top priority to the construction sector and the provision of affordable housing schemes, the prime minister should take notice of this price hike.

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