Pakistan Steel (PS) on Wednesday raised the prices of both hot rolled and cold rolled products by Rs 300 to Rs 500 per ton in the wake of raw material price hike in international market, sources said. The PS raised the prices of three each of cold rolled and hot rolled products due to increasing demand locally and rise in prices of raw material in the world market, they said.
With this raise, the prices of cold rolled products have gone up to Rs 42,837.50 per ton and of hot rolled coil to Rs 47,552.50 per ton (sales tax inclusive in both cases).
The hot rolled coils prices have been raised by Rs 300 to Rs 500 per ton, and over 2.0 up-to 3 x 1000/1220 hot rolled coil price has been increased by Rs 500 to Rs 42,837.50 per ton from Rs 42,262.50 per ton (including sales tax).
The prices of over 3.0 up-to 3.65 x1220/1500 and over 3.65 up-to 5.56 x1220/1500 hot rolled products have been raised by Rs 300 per ton and these products would now be available at Rs 42,147.50 per ton against previous Rs 41,802.50 (sales tax inclusive).
Prices of three cold rolled coils have been up by Rs 500 per ton. As a result, the price of over 0.80 & up to 0.90 x 915/1220/950 cold rolled coils has reached Rs 46,000 per ton fom Rs 45,425 per ton (sales tax inclusive). The price of 0.90 & upto 1.00 x 915/1220/950 cold rolled coils will be Rs 45,425 per ton from Rs 44,850 per ton (sales tax inclusive).
Similarly, the price of 1.00 & up to 1.20 x 915/1220/950 cold rolled coils has gone up to Rs 47,552 per ton from Rs 46,977.50 (Sales Tax inclusive). The PS has raised the prices to reduce the gap between local and international market prices, as imported material prices are currently higher than PS prices, market sources said.
The current upsurge in the prices of different products will have a negative impact on the finished products of steel, they added. When PS public relations department was contacted, Lieutenant Colonel Ghulam Rasool confirmed that PS has raised cold and hot rolled products' prices in the wake of rising prices in international market.