A press conference was held to increase awareness of the current market situation regarding ABAD’s (Association of Builders and Developers) boycott of purchase of steel. Patron-In-Chief Mohsin Sheikhani, Chairman ABAD Altaf Tai, Senior Vice Chairman Khawar Munir, Vice Chairman Nadeem Jeewa, Chairman Southern Region Raheel Rinch and other ABAD representatives were a part of the conference.
According to the reports, the boycott by ABAD has yielded very positive results on the market as the steel prices have lowered from Rs 345000 to Rs 271000 per tonn. ABAD had also asked the government to remove Regulatory Duties and excessive Additional Regulatory Duties to stabilize the market conditions of the country.
During the press conference, it was said that despite the prices of steel being comparatively lower in the international market, the steel manufacturers of Pakistan had cartelized together and had spiked the prices to which, the boycott was necessary as it gave off good results in the end. They said that ABAD has initially purchased 2500 tons of steel and the projects that were on hold due to the boycott will now be resumed. The representatives also said that they have asked the government to reduce the RD and ARD on the construction materials to ensure a better and safer livelihood for the people connected in this market.
