November 21, 2008

High input cost causes price hike of steel products – PSM

Daily Times reported that Pakistan Steel Mills has been advised to link its steel products prices with the international market in order to curb the black marketing, smuggling and other illegal trade activities. These recommendations have been made in continuation to review the product prices in a recently held workshop organized by Pakistan Steel Pipeline Association.

A Pakistan Steel Mill statement said that the recent increase in the products’ prices is mainly attributed to the substantial increase in the prices of basic raw materials such as iron ore, coke, coal and other materials.

The coking coal prices have been increased to USD 290 per tonne from USD 210 in a week, which also increased the prices manifold. Besides, freight prices are also high to add the cost of doing business of PSM.