Islamabad: According to press reports, the Federal Board of Revenue (FBR) announced an increase in the minimum prices of steel products on Monday (November 15) as a result of revisions to SRO-985 published on August 4 for better General Sales Tax (GST) collection.

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According to reports, the decision to raise prices was made in response to a rise in steel product costs on both the international and domestic markets. The following are the details of the new prices:

  • PKR 153,000 per metric tonne of steel bars
  • PKR 131,000 per metric tonne of billets
  • PKR 126,000 per metric tonne of ship plates and bala/ingots
  • PKR 119,000 per metric tonne of scrap

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In addition, FBR stated that minimum pricing will be set on a quarterly basis. As worldwide steel prices rose, the steel industry advocated a revision in the minimum prices of steel goods for a long period.

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