Fresh hike tosses steel above Rs208,000

Meanwhile, cement prices also rose by 5 per cent over the preceding week ending March 3. As per data of Sensitive Price Index (SPI), the average prices went up to Rs787 per 50 kg bag from Rs749. However, the price rose by 29.30pc if compared with March 11, 2021.

For example, Faizan Steel has now issued a new rate of Rs208,500 for 10mm-12mm bars while 16-25mm rate is Rs206,500 which was Rs200,500 and Rs198,500 on March 7. The company attributed the price hike to severe supply chain disruptions and a sharp increase in the cost of inputs and utilities.

The new rate of Aga Steel Industries is Rs207,000 (16mm and above) while 9.5mm-12.7mm steel bar rate is Rs209,000 which was Rs199,000 and Rs201,000 per tonne on March 7. The company said the steel bar prices were being revised due to escalating energy prices and freight rates.