Steel Price Hits Record Rs. 277,000 Per Tone All Time High

 The recent hike in steel bar prices has caused concern in the construction industry. Steel manufacturers have raised prices to an unprecedented high of Rs 277,000 per tonne, blaming the devaluation of the rupee and rising raw material prices. This is the second price increase in less than a week, despite the fact that construction activities have slowed down as evidenced by declining cement sales.

The rising prices of building materials have added additional pressure on the construction cost, which has already risen by 60% in the past year. Amreli Steels Ltd has announced a new rate of Rs 277,000 per tonne for 9.5/10mm-12mm and Rs 275,000 for 16mm and above.

However, the company has warned its customers that it is facing a severe shortage of raw materials and, as a result, is not accepting new orders at this time. This news is causing further concern for those in the construction industry as the surging prices of key building materials will only add to the overall cost of construction.

In conclusion, the hike in steel bar prices is having a significant impact on the construction industry. The devaluation of the rupee and increasing raw material prices have forced steel manufacturers to raise their prices, causing additional pressure on construction costs. This shortage of raw materials is also causing further difficulties for those in the industry, as they struggle to secure the materials they need to complete their projects.