KARACHI: The Association of Builders and Developers (ABAD) on Tuesday called on the government to abolish the Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on the import of steel bars, emphasizing the need to stabilize their soaring prices in the domestic market.
ABAD Chairman Fayyaz Ilyas expressed concern over the recent price hikes, warning of detrimental effects on the construction industry and the Naya Pakistan Housing Scheme. He stated that the continuous increase in the price of iron bars is making construction projects increasingly expensive, thereby jeopardizing efforts to provide affordable housing to the nation.
“The construction industry has been overlooked by successive governments for the past seven decades. However, the current government, under Prime Minister Imran Khan, has taken a significant step by introducing a special package for the revival of this critical sector, which is vital for economic growth,” Ilyas remarked.
Despite these supportive measures, steel manufacturers have repeatedly increased prices for steel bars, which are an essential component in construction. According to Ilyas, the cost of iron bars has now surged to an all-time high of PKR 142,000 per ton, following a recent hike of PKR 5,000 per ton. “This is unacceptable and poses a severe threat to the construction industry,” he asserted.
The ABAD chairman urged the federal government to remove both RD and ARD on steel imports to ensure price stability. He argued that this move is essential not only for the growth of the construction industry but also to fulfill the Prime Minister’s vision of building five million affordable houses for the lower-income segment of society.
Ilyas emphasized that stabilizing steel prices would enable the construction industry to flourish, thereby contributing to the national economy. He reiterated that the realization of affordable housing projects and the revival of the construction sector are critical for sustained economic development and job creation in the country.
The call from ABAD reflects growing concerns within the construction sector, which plays a pivotal role in national development, employment generation, and economic stability.