The Pakistan Steel Mills Corporation (PSMC) has announced to raise prices of the six products by amounts up to Rs 4,150 per ton, to rationalise its prices in line with international market prices, traders said on Monday. "The current raise in six steel items prices is less than international market prices and there is a difference of Rs 2000 to Rs 3000 per ton," they said.
They said that the PS has raised prices of billets, hot rolled coils, cold rolled coils, thick plates, MS slab and pig iron by Rs 500 to Rs 4,150 per ton with immediate effect.
PSMC has raised billet prices by Rs 1,000 to Rs 4,150 per ton on different types of grades. Major increase is in the prices of billets 90X90/ 80X80/ 75X75 mm whose prices have gone up by Rs 4,150 per ton to Rs 57,000 per ton (excluding sales tax).
The price of 150X150 mm billets has been increased by Rs 1,000 per ton to Rs 53,000 per ton from Rs 52,000, excluding taxes.
The price of 125X125 mm, and 100X100/105X105 mm billets has surged by Rs 2,500 and Rs 3,500 per ton to Rs 54,500 per ton and Rs 56,000 per ton respectively without taxes.
The prices of HRC have been surge by Rs 500 to Rs 1,400 per ton, while CRC prices have gone up by Rs 500-800 per ton.
The price of hot rolled products from 2mm to 2.35X100/1220 has mounted by Rs 1,400 per ton to Rs 62,600 per ton (excluding sales tax and central excise duty).
Over 2.35 mm up to 3.25 mm HRC price has increased by Rs 1200 per ton to Rs 62,200 per ton as previously being sold at Rs 61,000 per ton excluding taxes.
With an increase of Rs 1,000 per ton prices of over 3.25 mm up to 3.65mm HRC has reached Rs 61,800 per ton from Rs 60,800 per ton.
Prices of up to 3.65 to 4 mm, 4 to 5 mm and 5 to 6 mm hot rolled has surge by Rs 900 per ton, Rs 600 per ton ad Rs 500 per ton to Rs 61, 500 per ton, Rs 61,000 per ton and Rs 60,700 per ton respectively in domestic market without taxes.
Similarly, the PS has raised the prices of eight different types cold rolled coil by Rs 500 per ton and after the current upsurge the prices of cold rolled coil prices have reached up to Rs 77,800 per ton (excluding sales tax and central excise duty).
The prices of over 1.00 up to 1.2x195/1220/950 cold rolled has increased by Rs 800 per ton to Rs 72,000 per ton as compared to Rs 71,200 per ton was available in the market.
The prices of MS thick plates have increase by Rs 1000 per ton on all types of products. The maximum price of MS Thick Plate has mounted to Rs 53,000 per ton (excluding taxes). With an increase of Rs 1000 per ton price of MS Slab and pig iron have reached Rs 50,500 per ton and Rs 42,200 per ton respectively (excluding sales tax and central excise duty).
Traders said that prices of the steel product are gradually increasing in the world market, while prices of the same products being produced by the PSMC were lower than international. Therefore, the Corporation has decided to raise prices of some steel products. Implementation of the new prices of steel products has started from Monday.
"We were already expecting that the prices of some more products will be increased in the near future, as prices of Pakistan Steel mills' products were not enhanced since long", said a leading steel trader.