Karachi: 80% of construction projects stopped due to builders and developers stopping purchase of surya.
The no-buy campaign by the Association of Builders and Developers has been ongoing for the past two days, with work on 80 percent of the construction sector projects halted, threatening mass unemployment.
Nadeem Jeeva, Senior Vice Chairman of Abad, told Express that the 100% implementation of the campaign of non-purchase of sorghum by the member builders and developers of Abad is going on, because the price of sorghum per ton will be Rs 73,000 to 80,000 from January 2023 till now. has increased significantly.
Nadeem Jeeva said that the cost of construction per square foot has increased to Rs 6,000 due to the expensiveness of Saria, while Abad members have received bookings from their customers at Rs 4,500 to 5,000 per square foot.
He said that 25 to 30 percent of steel is used in the construction sector, two years ago the price of steel per ton was Rs.
Nadeem Jeeva said that the activities and recoveries of the construction sector have already been affected by rising inflation, steel mills are raising prices by forming cartels, where are the relevant regulatory bodies and competition commissions? Steel mills are stopping the production and selling it at a high price.
On the other hand, Chairman of Pakistan Association of Large Steel Producers Abbas Akbar Ali says that the local steel industry is not making profit even by increasing the prices of steel. We are aware of the announcement by the construction sector to stop the purchase of steel, but if the steel industry does not have the raw materials, how can they make steel.
He said that currently local steel plants are running at 20 to 35 percent capacity, steel industry’s raw material is stuck at the port and detention charges of $60 per container per day are being imposed.
Speaking to Express, Abbas Akbar Ali said that the steel industry was only covering the salaries of the employees and administrative expenses by selling the manufactured steel, and demanded the government to include the local steel industry in the priority list.
Abbas Akbar Ali said that even if the steel industry is allowed to open import LCs for raw materials, uncertainty will remain as there is no knowledge about what the exchange rate of the dollar will be in the next six months.
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