KARACHI: Association of Builders and Developers of Pakistan (ABAD) has expressed serious concerns over the recent price hike in iron bars, saying that it would badly affect the construction industry and Naya Pakistan Housing Scheme (NPHS).

The association has demanded the government to abolish Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on steel import to maintain stability in the prices of steel.

“The importance of the construction industry, which had been ignored by past governments for last seven decades, has been recognized by the Prime Minister Imran Khan for economic development and announced a special package for the economic revival of the country.

However, the steel manufacturers have raised the prices of steel bars - an important component for construction- many times during current year, causing to increase construction cost manifold,” ABAD said.

It said the new price of iron bars reached to its highest level of one lac 42 thousand rupees per ton with the recent price hike of Rs 5000 per ton, which the ABAD termed it as unacceptable.

It demanded the federal government to abolish RD and ARD on the import of steel bars to stabilize steel bars price and provide business friendly environment to the construction industry.

Copyright Business Recorder, 2021