Steel bar prices fall to record low after USD drop

KARACHI: Steel bar prices has fallen to record low after the ongoing anti-smuggling crackdowns on steel scrap and a drop in the US Dollar (USD) rates, ARY News reported on Wednesday.

After the drop in USD rate and curbs on steel scrap smuggling, the prices of the steel bar fell to a record low by Rs50,000 per tonne. The steel bar prices were dropped to Rs240,000 from Rs290,000.

A trader said that a significant drop in prices will be made for the consumers if production cost is further reduced. The cost of construction materials was significantly increased across the country this year.

On the other hand, the rates of cement and bajri (sand) and bricks have skyrocketed which also increased the construction costs.

The Pakistani rupee (PKR) has continued its upward trend against the US Dollar (USD) after multiple actions by the authorities to curb smuggling.

The Pakistani rupee (PKR) continued to recover the lost ground against the US dollar in the interbank market.

According to the Forex dealers, the rupee gained Rs1.16 against the US dollar Tuesday and traded at Rs280.49 in the interbank. The banks soled dollar to importers at Rs280.84, currency dealers said.

In the open market, greenback depreciated by one rupee and being sold at Rs279.50 in the morning trade.

Amid a crackdown against dollar smuggling the US currency has shed 26.61 rupee in interbank trading since September 05, dealers stated.

The US dollar has dropped by Rs48.50 in the open market since Sept. 05.