Steel hits all-time high at Rs216,000 per tonne

The manufacturers had raised prices by up to Rs8,000 in the second week of the current month.

Amreli Steel Ltd (ASL) has increased the price to Rs216,000 for 9.5/10mm and 12mm sizes while the price of 16mm and above (deform and extreme bars) is fixed at Rs214,000.

The company attributed the price hike to a continuous and unprecedented bullish trend in the cost of scrap over the past month, the falling rupee and the rising cost of energy.

The new price of Agha Steel Electric Arc Furnace rebar has been increased by Rs7,000 per tonne. The rates of 16mm and above and 9.5mm-12.7mm are Rs214,000 and Rs216,000 as compared to Rs207,000 and Rs209,000 per tonne respectively.