Steel bar prices raised to Rs236,000 a tonne

KARACHI: Manu­facturers further pushed up steel bar prices to Rs236,000 per tonne following an increase of Rs5,000.

In the second week of June, steel bar makers increased prices by Rs7,000 per tonne.

According to the rates shared by various manufacturers, Amreli Steel Limited (ASL) increased the prices to Rs236,000 per tonne for sizes 9.5-10mm and 12mm and Rs234,000 per tonne for sizes 16mm and above. The company cited a continuous and unprecedented increase in the cost of energy and the highly volatile rupee-dollar parity. According to the company, it can no longer absorb the large price fluctuations in manufacturing costs. The same prices have been quoted by Agha Steel Industries, which attributed the hike to higher distribution costs due to increasing diesel prices.

The new rate of steel bars produced by Faizal Steel is Rs235,000 per tonne for 10mm-12mm size, while the 16mm-25mm size price is fixed at Rs233,000 per tonne.

Naveena Steel Mills has informed its business partners about the fixing of the new rate of steel bars at Rs232,000 per tonne for 16mm-32mm size and Rs234,000 per tonne for 10-12mm size.

Platinum Steel Mills has announced a new rate of Rs234,000 per tonne for sizes 9.5-12mm and Rs232,000 per tonne for sizes 16-25mm.