Steel prices soar to Rs235,000 MTs amid shortage of raw material

By MG News | January 11, 2023 at 01:36 PM GMT+05:00

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January 11, 2023 (MLN): Due to ongoing restrictions on opening of Letter of Credit (LCs), volatility in foreign exchange rate, and shortage of raw material, the steel manufacturers on Wednesday have increased the steel prices to an all-time high level of Rs 235,000 per metric ton (MTs).

Furthermore, the booking rates of quality steel rebars have been surged by Rs8,000 MTs with effect from January 10, 2023.

This is the second time increase in the steel prices during the last one week as recently mills have raised the prices by Rs5,000 MTs.

In the last two weeks, the steel producers increased the prices of steel by Rs13,000 MTs.

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