The steel bar prices fell by Rs15,000 to Rs20,000 in a week, traders said following an increase in the value of the rupee against the dollar.

The price of iron and steel came to Rs265,000 per ton, they added.

Steel bar prices swell by 30 per cent from July 1, 2022 to January 31. This happened due to a 35% rupee devaluation, leading to increasing in the landed cost of imported items.

The dollar had a massive increase from Rs204 to Rs275 during the above-mentioned period. Moreover, the good quality steel bar price was Rs236,000 per tonne compared to the Rs306,000 per tonne.

The average per tonne price of iron and steel scrap in January fell to $499 from $525 in December 2022, showed the Pakistan Bureau of Statistics data.