ABAD records protest against steel bar prices

Association of Builders and Developers Pakistan (ABAD) have been protesting against the unusual hike in the prices of steel bars in the country and are continuing to do so. The senior vice chairman of ABAD, Khawar Munir, has forced the members of the association to continue the suspension of purchase of steel at arbitrary places.

VC ABAD stated that the steel manufacturers have increased the prices of steel to 3.5 lakh rupees per ton and the price of a sack of cement has increased by one thousand rupees after the official announcement of the recent mini budget. He also said that the construction industry, which has already been suffering due to lack of raw materials and extreme inflation, is going to be harmed to the fullest because of cartelization of the steel manufacturers as the prices for construction of projects is going to increase rapidly.

He recorded his concerns about the fact that the construction projects may have to be completely stopped due to these conditions and resultantly, people will not be able to get the possession of their properties in due time meanwhile also affecting the 72 construction related industries very adversely.

VC ABAD has requested the government of Pakistan to take a note on the stated situation and plan and execute the action accordingly to bring down the steel prices and withdraw the regulatory duty imposed on cement which, if not done, can cause a complete stoppage of the construction industry ultimately causing extreme harm to the economy of the country.