Makers raise steel prices amid dull demand

Steel bar makers have increased the prices by Rs4,000 per tonne citing a bullish trend in iron and steel scrap on the world markets. Pakistan Association of Large Steel Producers (PALSP) General Secretary Syed Wajid Bukhari claimed that the new rates of steel bars hovered between Rs250,000-262,000 per tonne depending on the quality. He said some loss-making mills could not pass on the needed increase due to low demand. Several units have closed recently and many declared losses and most of the mills are working on 30pc production capacity. “The steel industry is facing its worst crisis after 2008,” he claimed. He attributed the price hike to a $20-25 per tonne rise in scrap prices in world markets due to the usually low collection of scrap in the winter.