Posted on 14 Jun 2022
The recent electricity price hike announcement has troubled Pakistan’s steelmakers. To overcome the cost burden, mills announced a hike in their rebar prices on Monday, Kallanish notes.
Effective 13 June, major Pakistani mills have hiked the rebar prices by PKR 7,000/tonne, taking new prices in the northern and southern regions to PKR 225,000-227,000/t ($1,102-1,111) and PKR 231,000/t, respectively.
“Due to the continuous increase in raw material rates, Mughal Steel has increased the rates of Mughal supreme and Mughal G-60 [rebar] by PKR 7,000/t,” Mughal Steel informs in a statement.
Likewise, Amreli Steel has hiked its 9.5/10mm rebar price to PKR 231,000/t and PKR 229,000/MT for 16mm and above deformed and Xtreme rebars. “Due to the continuous and unprecedented increase in the cost of energy and highly volatile PKR-USD parity, we can no longer absorb the huge price fluctuations in the manufacturing costs,” the firm explains.
The National Electric Power Regulatory Authority (Nepra) approved an increase of PKR 7.91/unit in electricity tariffs, taking the new tariffs to PKR 24.82/unit from PKR 16.91/unit. According to sources, the new rates will be applied from July.
Source:Kallanish
