March 01, 2023 (MLN): The Association of Builders and Developers of Pakistan (ABAD) has successfully brought down steel prices in Pakistan through a 20-day boycott of steel purchases.
The boycott was implemented due to the rising prices of steel in the local market, despite low prices in the international market. As a result, steel manufacturers have reduced their prices from Rs345,000 to Rs271,000 per ton.
During a press conference at ABAD House, the Patron-In-Chief Mohsin Sheikhani, Chairman ABAD Altaf Tai, Senior Vice Chairman Khawar Munir, Vice Chairman Nadeem Jeewa, Chairman Southern Region Raheel Rinch, and other ABAD members demanded that the government abolish Regulatory Duty (RD) and Additional Regulatory Duty (ARD) to support the construction industry and the economy of Pakistan.
ABAD has also purchased 2500 tons of steel at the reduced rate of Rs. 271,000 per ton, which will be provided to its members to continue their construction projects.
The organization highlighted that 25 million people are connected with the construction industry in Pakistan and that the ever-increasing prices of construction materials have caused construction to stop on 350 projects.
ABAD has urged the government to take positive steps to reduce taxes on construction materials to strengthen the national economy and protect the livelihoods of those employed in the construction industry.
The organization warned that if the government does not take action, builders will be forced to move their investments to other countries.
