Pakistan Steel (PS) Chairman Lieutenant General Abdul Qayyum (Retd) on Tuesday said the PS issued notices to two local dealers for black-marketing and artificially increasing steel prices in the country. "Although prices of steel are increasing globally, but locally, it is an artificial phenomenon as the Pakistan Steel is providing high quality steel to dealers and middle men at Rs 38,000 per ton", he told newsmen at sidelines of 18th Parents Day of Pakistan Steel Cadet College (PSCC), Karachi.
He said the country's demand for steel had grown to 4 million to 5 million tonnes per annum, but the PS was hardly producing one million tonnes, which was insufficient.
He asked traders and dealers to provide steel to buyers on the prescribed rate - Rs 38,000 per ton for high quality steel, second grade steel at Rs 33,000 and steel produced from scrap at Rs 30,000 per ton.
The PS chief said the industries and production ministry had given go-ahead to the Pakistan Steel for expansion and approved its PC-1, which would be tabled in next Ecnec meeting for approval.
On acquiring latest steel-making technology, he said he recently visited Russia, China, Ukraine, Poland, and some others countries, adding: "Soon we are going to float international tenders in this regard."
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