Pakistan Steel on Tuesday said that it has reduced the price of its Hot Rolled Coils (HRC) by Rs 2,500 per tonne with immediate effect.
Since this would affect a proportional cut in sales tax as well, total relaxation in prices comes to about Rs 2800 per tonne.
According to sources, this was considered essential to discourage dumping of secondary materials, which were being imported, mainly through under invoicing to evade sale and import duties, and sold on relatively cheaper prices.