Steel bar and cement prices rise to meet housing target: ABAD – Journal

KARACHI: Expressing concern over the sharp rise in steel bar prices, a jump of 68,000 rupees per tonne over the past 10 months, as well as rising cement rates, the Builders Association and Developers of Pakistan (ABAD) said on Tuesday that the government would not be able to meet the target of five million homes under the Naya Pakistan Housing Scheme (NPHS) if prices continued to rise.

The association urged Prime Minister Imran Khan and Pakistan’s Competition Commission to take action against cartels of cement and steel manufacturers.

In a statement, ABAD President Fayyaz Ilyas said the price for steel bars was 110,000 rupees per tonne in November last year while it is currently pegged at 178,500 rupees per tonne. tonne.

Sixty percent of the total cost of a high-rise building is made up of cement and steel, while this ratio is 30% to 40% in a normal residential project.

In this situation, the federal government will not be able to keep its promise to build five million low-cost homes, according to the press release.

Calling for tough action against the cement manufacturers’ cartel, he said the continued rise in the prices of cement and steel bars would seriously harm the construction industry.

He said cement and steel manufacturers had started raising prices for cement and steel bars at a time when construction activities were taking off following the announcement of a special package for the construction industry. construction by the Prime Minister.

ABAD called the continued rise in the prices of cement and steel bars by manufacturers as a plot against the ENSP and the national economy.

Due to the ever increasing prices of cement and steel bars, builders find it difficult to complete their projects while, on the other hand, common people are unable to build their dream house. adds the press release.

Posted in Dawn, September 1, 2021

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