Steelmakers plan to raise prices amid surging costs
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Update time : 2022-09-20 18:43:27
Thai steel manufacturers are planning to increase their domestic prices following a rise in operational costs, from raw material prices and
electricity bills to the higher daily minimum wage.
The fuel tariff increase has caused steel producers' power bills to rise by about 50%, said Pravit Horrungruang, adviser to the EAF Long Product Steel Producers Association.
"Many companies want to increase the prices of their steel products in accordance with the higher costs of raw materials, energy, logistics and wages in order to remain competitive or survive in business, " he said.
Countries such as Turkey have recently announced an increase in steel prices of US$20-40 per tonne, the association said.
