Domestic steel prices have seen a significant reduction of Rs. 45,000 per ton, driven by a sudden decrease in the cost of raw materials in the international market. This price adjustment was announced by local steel producers on Friday, according to JS Research.

Effective from August 23, 2024, the price for 1 mm Cold Rolled Coil (CRC) is set at Rs. 211,500 per ton, while Hot Dipped Galvanized Coil (HDGC) is priced at Rs. 220,800 per ton.

The decline in prices is also attributed to disappointing demand during what is typically a robust construction season from July to September. With the summer months drawing to a close, further price reductions are anticipated as the market adjusts to these economic conditions.