Association of Builders and Developers of Pakistan (ABAD) on Thursday expressed its concerns over the hike in steel bars prices. According to Arif Yousuf Jeewa, Chairman ABAD, dealers of steel bars have unjustifiably increased the commodity prices after devaluation of Pakistani rupee against US dollar.

He said that with the increase in US rate, the traders have raised the prices of steel bar by Rs 5000 per ton, which were being sold at Rs 83000 to Rs 84000 a week ago and added that they stopped the sales of steel bars in order to increase the prices further by creating an artificial shortage.

He said that construction activities were badly being affected due to high steel bars rates and its unavailability and added that the steel bars rates were already raised after the imposition of Regulatory Duty. Chairman ABAD urged the government to intervene into the matter and bring the prices of steel bar at previous rates.

Copyright Business Recorder, 2017