The domestic prices of steel products have spiked for the second time in a week due to another increase in the cost of raw materials in the international market.
Domestic steel producers have further increased the prices of steel rebars by Rs. 2,000 per ton on Wednesday. Retail prices now stand in the range of Rs. 207,000-209,000 per ton, according to JS Research.
Local player Aisha Steel Mills Limited (ASL) last week announced a big increase in the prices of Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC) by Rs. 2,000 per ton, taking the new price for CRC to Rs. 211,550 per ton and Rs. 218,900 per ton for HDGC.
The current market environment is quite concerning for the local steel industry, as input costs are rapidly rising, leaving manufacturers with no choice but to pass the cost on to end users.
