November 21, 2008

FPCCI terms PSM prices hike as unjustified

The Federation of Pakistan Chambers of Commerce & Industry has said that Pakistan’s business community is very much concerned on continuous increase in price of steel products by Pakistan Steel Mill.

Mr Tanvir Ahmad Sheikh president of the Federation of Pakistan Chambers of Commerce & Industry said that Pakistan Steel Mill has increased the prices of their products in two times in a month which is hurting the construction industry and large number of small & medium industries affiliated with construction

Mr Tanvir further said that on average the prices increase in last two months is more then 50% which will slow down the manufacturing activities in Large Scale Manufacturing, Engineering Industry as well.

Mr Tanvir added that “Some end users claim that current prices of Pakistan Steels are even higher then imported material, therefore to promote local production and encouraging use of local iron it is necessary for the Government to intervene in the matter for bringing stability in supply of Iron & Steel at reasonable prices which can also play important role in bringing down ever increasing trade deficit.”