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.
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