Mild Steel bars costlier by Rs2000/ton

KARACHI (Azhar Ali Khan): Prices of domestic mild steel (MS) bars have shot up by Rs 2000 per ton due to expensive raw material being procured by the steel industry, ARY News reported.

Steel dealers said that the prices of average-quality MS bars have increased from Rs46,000 to Rs 48,000 per ton. However, the billet-made MS bars prices are stagnant at Rs55,000 per ton as the biggest steel producer – Pakistan Steel (PS), has not raised its prices.

Citing reasons of recent price hike, a dealer said, ”Prices of ship plates in the international markets have risen notably and that is why the MS bars have become costlier here, once again.”

He pointed out that the ship breaking industry is being operated on minimum capacity, these days because of fewer arrivals of ships.