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KARACHI: Association of Builders and Developers of Pakistan (ABAD) chairman Fayyaz Ilyas has rejected price hike in steel bars just before the budget, demanding of the federal government to take a stern action against the “steel manufacturers’ cartel” to protect the construction industry and the Naya Pakistan Housing scheme.

According to details, ABAD chairman has also demanded stability of steel prices through abrogation of Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on steel import.

He said that the government 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” has raised the price of steel bars many times, making construction more costly.

The steel manufacturers have raised Rs3000 just two days before the federal budget, taking prices of steel bars to its highest level of Rs146,000 per ton, which was unacceptable, he said.

Copyright Business Recorder, 2021