Pakistan Steel slashes products prices

Business Recorder; Mar 28, 2002
BY NASIR SIDDIQUI
Pakistan Steel (PS) has slashed the prices of steel products by Rs 1000 to Rs 1500 per tonne on Wednesday.
Sources close to Pakistan Steel told Business Recorder on Wednesday that this is the biggest ever reduction made in the products ie billets, slabs and cobble plates. The prices became effective from March 27, 2002.
The Price Review Committee of the mill did these reduction in the prices of said products.
Sources said that the highest reduction of Rs 1500 was made in the prices of cobble plates from Rs 13,300 to Rs 11,800 per tonne. Prices of billets were cut down by Rs 1,200 from Rs 13,300 to Rs 12,000 per tonne while the prices of slabs were slashed by Rs 1000 from Rs 12,500 to Rs 11,500 per tonne.
Sources said the reduction was made due to low sale of these products.
They said that due to reduction in PS products, the sale of ship-breaking material at Gaddani will be greatly affected.
This is the 9th reduction made by the Pakistan Steel during the current fiscal year.

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