PS increases steel prices by Rs 500-2,500 per tonne

KARACHI: Pakistan Steel (PS) has raised its ex-mill prices of various steel products by Rs 500 to Rs 2,500 per tonne, traders said Wednesday. According to the steel traders, the state-run company has raised the prices for various size hot rolled coil by Rs 500-2,500 upto Rs 67,100 per tonne. The prices of HR (upto 2.00 mm x 100/1220) after an increase of Rs 2,000 has gone upto Rs 67,100 per tonne, the price of HR (over 2.35 upto 3.25 x 1000 / 1220) after an increase stands at Rs 64,900 as compared to Rs 63,400 previously. Similarly, the price of HR over 6.00 mm and above has been increased by Rs 1,500 per tonne. Cold rolled coil price has also been raised by Rs 500-1,000 to reach maximum Rs 78,800 per tonne. The prices of different sized galvanised coil have surged by Rs 500 to Rs 83,800 per tonne. The prices of steel products have been surged owing to the high input cost in the international market raised recently. Particularly, increasing freight charges of shipping companies have soared the cost of doing business sharply, an official of the PS said. Another reason behind this increase in prices is continuous increase in steel prices in international market coupled with a minimum increase of $ 30-35 in freight charges, he said. This is third increase in the prices of PS in just short period of 15 days. Despite this increase in the PS prices there is still a gap of Rs 4,000-5,000 in PS and international market prices – Dailytimes