ABAD expresses concern over hike in steel and cement prices in Pakistan
The Association of Builders and Developers (Abad) chief has expressed concern over the sudden rise in steel bar and cement prices, calling the move a conspiracy to destroy the affordable Naya Pakistan Housing Schmeme and the country's economy.
ABAD Chairman Fayyaz Ilyas has demanded the government to take stern action against the steel and cement manufacturers cartels, these unscrupulous elements, who are trying to sabotage steps of the government for reviving the national economy. The raw material used in the manufacturing of cemenet and steel is quite cheap but they are increasing prices at thier own. By increasing the price of steel, the price of steel bar has been increased to Rs. 126,500 per tonne while the price of cement has also been increased to Rs. 625 per 50 kg bag.
The Abad chairman said the cartel's move was tantamount to destroying the construction sector, which employs millions of people. Steel and cement account for 60% of the total cost of construction of multi-storey buildings, while residential projects account for 30% to 40%.
He requested the government to take stern action against the steel and cement cartel to save the construction industry and the national economy. He clarified that the increase in prices of steel bars and cement means an increase in cost, which will directly affect the average home buyer. There will also be difficulties in fulfilling the dream of providing low cost housing facilities.