Pakistan Steel Mills Corporation (PSMC) has announced to increase the prices of Hot Rolled Coiled (HRC) by up to Rs 600 per ton. Dealers toldBusiness Recorder on Friday that in the wake of rising prices in the international market, the PSMC management had also decided to raise the prices of HRC. PSMC has increased the prices of some different items of HRC by Rs 200 per ton to Rs 600 per ton.
The prices of HRC 2mm-2.35mm have surged to Rs 68,400 per ton up from Rs 68,200 per ton (excluding taxes). With an increase of Rs 600, the prices of HRC 2.36 to 2.65mm have reached Rs 68,000 per ton (excluding taxes). Prices of HRC 2.66-3 mm and 3.1-3.65 mm have gone up by Rs 100 and Rs 500 to Rs 68,000 and Rs 67,400 per ton respectively. The dealers said that current increase might hurt the sales of PSMC, which was already facing a serious financial crisis. They were of the view that instead of increasing the prices, the PSMC management should focus on improving its sales.