The domestic prices of steel products have spiked for the third time in a week as the menace of skyrocketing raw material prices impair the country’s construction sector.
Domestic steel producers representing the country’s southern manufacturing backdrop increased the prices of steel rebars by another Rs. 3,000 per ton on Friday. Retail prices now stand in the range of Rs. 217,500-222,000 per ton, according to JS Research.
Steel makers two days ago increased the prices of steel rebars by Rs. 2,000 per ton. Last Friday, Aisha Steel Mills Limited (ASL) 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.
