Chairman Association of Builders and Developers of Pakistan (ABAD) Fayyaz Ilyas has vehemently rejected Rs. 11 thousand per ton price hike in steel bars within span of 15 days and demanded of the federal government to take stern action against Steel Manufacturers’ Cartel otherwise Naya Pakistan Housing Program will become a distant dream.
He also demanded to stabilize steel prices through abrogation of Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on steel import.
In a statement, Chairman ABAD said that steel manufacturers had increased Rs. 5000 (rupees five thousand) price of steel bars per ton taking the price to Rs 151500 per ton on 24th June 2021 and after 14 days again raised steel bars price by Rs. 6000 taking it to a new height of Rs. 157500 per ton, which is not acceptable.
He said that ever increasing prices of steel bars will make construction costlier that middle class people will not be able to construct or purchase a home what to talk about poor people.
He said that the present government of Prime Minister Imran Khan, understanding the importance of this industry for economic growth, has announced a special package for the revival of the construction industry in particular and national economy in general.
But, with the restart of construction activities, steel manufacturers’ cartel have raised prices of steel bars- an important component for construction- many times, making construction more and more costly.
He demanded of the federal government to abolish Regulatory Duty and Additional Regulatory Duty on import of steel bars to stabilize steel bars price so that construction industry could be saved from total collapse and the dream of the Prime Minister of constructing 5 million houses for people from lower strata of the society could be realized and national economy could be strengthened.
If immediate action is not taken to stop increase in steel bars price, Naya Pakistan Housing Program could never be realized, he warned.