Due to a rapid increase in the cost of raw materials on the international market, local prices of steel products have surpassed Rs. 253,000 per tonne.
According to Topline Securities, domestic steel makers International Steels Limited (ISL) and Aisha Steel Mills Limited (ASL) raised the pricing of Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC) by Rs. 3,000 per tonne on Thursday.
The new CRC pricing is Rs. 242,500 per tonne, effective July 28, 2022, and HDGC price is Rs. 253,800 per tonne. Steel prices increased by 96 percent between January 2021 and June 2022, while cement prices increased by more than 72 percent over the same time, elevating total spending by at least 40 percent.
The present market position is particularly concerning for the local steel sector, as input costs are already rising quickly, forcing producers to pass the cost on to the end user.
