The price of steel products in Pakistan has decreased by Rs45,000 per ton due to a decline in international raw material costs.

As of August 23, 2024, the new prices for Cold Rolled Coil (CRC) are Rs211,500 per ton, and for Hot Dipped Galvanized Coil (HDGC) are Rs220,800 per ton.

The decrease in steel prices is also attributed to weak demand during the typical construction season in Pakistan.

The secretary of the Ministry of Industries and Production informed the Standing Committee that Pakistan Steel Mills (PSM) has been declared ‘scrap’ as it is nearly impossible to revive the company, and the 19,000-acre land of the PSM will be utilized for establishing special economic zones (SEZs).

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The Committee also discussed the functions, performance, and problems faced by the Utility Store Corporation (USC) and expressed concern over the taxes levied on the industry by the federal government on July 27.