Five steel products prices raised by Rs 2,000-7,000 per ton

Pakistan Steel (PS) has raised the prices of five steel products, including billet, pig iron and galvanised iron by up to Rs 7,000 per ton "to rationalise" the prices in the line with international market. The PS on Saturday suddenly stopped sale of its products and asked the dealers to wait for the new price list and, after one hour, the marketing department of PS issued the new price list, sources said.
This is the second raise in steel products prices by the state-run steel producer during this month, and it is feared that in the next week the PS would announced another increase in the prices in the wake of increasing demand and rising prices of raw material in the international market, they added.
They said that PS was planning from last one week to raise the prices of products. However, it delayed due to some internal problems. According to dealers, the PS increased pig iron price by Rs 2,000 per ton. After this raise the price of pig iron has gone up to Rs 36,900 per ton, including sales tax.
The prices of billet have been raised in two different categories. Billets of 150X150 size price has been increased by Rs 6000 per ton, while 50X50 to 100X100mm price has been raised by Rs 7,000 per ton. As such, the price of billet has gone up to Rs 58,700 per ton, including sales tax.
The MS slab price has been increased by Rs 2,000 per ton to Rs 54,800 per ton, including sales tax. The price of copal plate has shot up by Rs 2,000 per ton to Rs 57000-58000 per ton, including sales tax.
The prices of galvanised products have been raised in two categories. Some products price have been raised by Rs 3,500 per ton, and remaining by Rs 4,500 per ton to new peak level of Rs 81,500 per ton, including sales tax.
Traders said that the local market is compelled to procure the PS pig iron, billet and other raw material, as the imported material prices are currently higher than PS prices.
"We have reviewed the price in the consultation with Engineering Board and in the wake of soaring steel prices in the international market," said PS spokesman. He said that billet price in the world has shot up by some 103 dollars per ton. Therefore PS increased the prices to curb black marketing of steel products.