Builders decry rising steel prices, demand removal of duties

Builders and developers have demanded a waiver from regulatory duty and additional regulatory duty on the import of steel to stabilise prices as prices of steel bars increase drastically in the local market.

As per a local media outlet’s report, prices of steel bars were around Rs117,000 per tonne in November 2020, which have now surged to Rs142,000, threatening to halt the construction sector’s progress despite government initiatives.

In this regard, Association of Builders and Developers of Pakistan (ABAD) urged the government to abolish the regulatory duty and additional regulatory duty on steel imports to maintain stability in steel prices.

Similarly, a member of the National Coordination Committee on Housing, Construction and Development (NCCHCD) requested Prime Minister Imran Khan to allow import of steel bars to improve competition and check cartelisation.

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However, experts are of the view that a duty waiver would not make much difference as prices were surging due to a hike in international prices.

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