July 25, 2008

PSM increase steel prices again - Report

Daily Times reported that Pakistan Steel Mills has again raised the prices of steel products once again by PKR 2,000 to PKR 8,000 per tonne in the local markets on Saturday.

According to the report in Daily Times, which cited some dealers, following are the recent changes announced by PSM

1. Billets by PKR 6,000 to PKR 7,000 per tonne on its various qualities and sizes to reach at maximum level of PKR 58,700 per tonne

2. The prices of steel slab are raised by PKR 2,000 to stand at PKR 54,800 per tonne

3. The prices of pig iron are increased by PKR 3,000 to reach at PKR 36,900 per tonne

4. The prices of galvanized rolled coil increased by PKR 3,500 to PKR 4,500 on its different sizes to stand at the maximum level of PKR 81,500 per tonne

5. The prices of the cold rolled coil have escalated by PKR 2,000 to reach at PKR 58,000 per tonne

6. Rebar price have surged by PKR 8,000 to reach at PKR 80,000 per tonne.

The PSM 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. PSM has explained the escalation of prices on its steel products in line with the prices in international market, aiming to curb the black marketing, smuggling and other illegal trade activities.