Long steel manufacturers increase rebar prices by Rs6,500/ton

MG News | June 06, 2022 at 01:36 PM GMT+05:00

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June 6, 2022 (MLN): Owing to the increasing cost of manufacturing, the long steel manufacturers including Amreli Steels (ASTL), Agha Steels (AGHA), and Mughal Steels have increased their prices for rebars and girders by around Rs6,500 per ton on Monday.

Accordingly, the new prices of steel in the South stand in the range of Rs221,000-223,000 per ton.

All long steel manufacturers had stopped their sales on Friday, June 03, 2022, on the back of the rising cost of manufacturing (Rs7.90/kwh increase in electricity tariff and Rs60 per litre increase in petroleum products), Arvind Anand, Head of Research at Fortune Securities told Mettis Global.

The manufacturers have resumed sales today, however, along with an increase of Rs6,500 per ton in listed prices to pass on the impact of these rising costs.

It is important to mention here that manufacturers were recently selling their products at discount to listed prices, Rs11,000-12,000 per ton.

“We anticipate similar discounts to prevail on newly listed prices going forward,” he added.

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