Construction cost rises amid rising cement and steel prices – Business & Finance

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Cement and steel prices increased in the local market amid rising global commodity prices.

Local cement prices have been increased by Rs 30 per sack (50 kg) in the Southern Region i.e. Sindh and Balochistan province, it has been learned. According to the latest figures from the Pakistan Bureau of Statistics (PBS), prices in the Southern region averaged 765 rupees per bag before the hike and will stand at 795 rupees per bag from Monday.

Meanwhile, flat steel makers have also raised their prices by Rs 3,000 per ton.

With the latest hike, the rate of CRC (cold rolled steel) and galvanized steel coils will be Rs208,500 per ton and Rs215,850 per ton, respectively. “This is the second rise on Feb 21 after a PKR 3k/tonne price jump on Feb 10,” sources familiar with the matter said. company registrar.

The construction sector hit by a sharp rise in the cost of materials, according to the CAP

The expert added that along with rising coal prices, the depreciation of the Pakistani rupee and rising freight rates have also played their part, with Pakistan importing coal from South Africa and other countries. The same is true for rising steel prices as hot rolled coil (HRC) rates have increased in the international market.

Sources said that as the impact of rising prices trickles in, the cost of construction will rise, albeit slightly.

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Pakistan is a country of over 200 million people and its high population growth rate is fueling urbanization and accompanied by high demand for housing from almost all sections of society. There is an estimated shortage of 12 million residential units in the country; most of it is in the low and middle income groups, shared by the State Bank of Pakistan (SBP).

According to Pakistan’s economic survey for FY21, the construction sector contributed 2.5% to GDP. Furthermore, 7.71% of the employed Pakistani workforce is engaged in the construction sector.

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