The domestic prices of steel products spiked for the fourth time in December as the menace of skyrocketing raw material prices impair the country’s construction sector.
Domestic steel producers representing the country’s northern manufacturing backdrop increased the prices of steel rebars by Rs. 5,000 per ton on Wednesday. Retail prices now stand in the range of Rs. 218,000-220,000 per ton, according to JS Research.
Our channels checks have also confirmed that Mughal Steel has increased the rates of Mughal Supreme & Mughal G-60 by Rs. 5000 per metric ton effective December 28, 2022.
Steel makers almost a week ago increased the prices of steel rebars by Rs. 2,000 per ton. 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 pretty bad as input costs are rapidly rising, leaving manufacturers with no choice but to pass the cost on to end users.