Amidst global market trends, iron prices in Pakistan have witnessed a notable decrease, with a reduction of Rs22,000 per tonne reported.
The nationwide decline in iron ore prices is attributed to concerns over a potential recession in key international markets, notably China, which serves as Pakistan’s primary supplier of steel and iron.
Reports indicate that the price of iron per tonne in Pakistan has fallen within the range of Rs20,000 to Rs22,000.
Analysts suggest that Pakistan stands to benefit from the declining steel prices in China. Traders anticipate positive implications for the construction industry, as steel prices have plummeted from Rs320,000 to below Rs200,000 amidst the global downturn.
Furthermore, traders note that galvanized, hot, and cold steel sheets imported from China are being retailed at prices ranging from Rs285,000 to Rs295,000. Consequently, there has been a surge in business activities within the iron ore and steel sectors.
