Steel prices rise for second time in April

Flat steel industry players have hiked the price of cold rolled coils (CRCs) by around Rs4,000 per ton to Rs227,500 per ton. They also increased hot dipped galvanised coil (HDGC) rates by around Rs4,000 per ton to Rs238,800 per ton with effect from Friday, according to Topline Research analyst Mahroz Khan.

This was a second price hike in April and it took taking cumulative monthly increase to Rs9,000 per ton, he added.

Industry officials, who spoke on the condition of anonymity, also confirmed the hike in price of flat steel products.

International Steel Limited (ISL) and Aisha Steel Mills Limited (ASML) are the two major manufacturers of steel products that are also listed at the Pakistan Stock Exchange (PSX). Besides, a couple of unlisted players have also increased their prices.

The CRC and HDGC are mostly used in making cars, motorcycles, pipes, refrigerators, air-conditions and other electric and electronic products, it was learnt.

“Rupee depreciation is the main reason behind the surge in the prices of steel products,” Khan said while talking to The Express Tribune.

Pakistan imports raw material, like hot rolled coils (HRCs), to manufacture flat steel products. Therefore, appreciation or depreciation in rupee impacts their prices in the country.