Friday, 19 August 2022

FBR revised minimum prices of steel as international prices rises

In the wake of increased prices of steel products in domestic and international markets, the Federal Board of Revenue (FBR) increased the minimum prices of steel products through amendments in SRO-985 issued on August 4, 2021.

As per details, the new prices of steel bars has been fixed at Rs153,000 per metric tonne, billets at Rs131,000 per MT, ingots/bala and ship plates at Rs126,000 per MT, and scrap at Rs119,000 per MT.

According to official sources, an upward revision was essential in the wake of the recent surge in local and international prices of steel products and to prevent a possible loss of revenue.

Earlier, the steel industry too had demanded a revision in the minimum prices stating that prices were on an increasing trend.

Moreover, the FBR has indicated that minimum prices would be fixed on a quarterly basis.

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