Islamabad: The Federal Board of Revenue (FBR) increased the minimum prices of steel products on Monday by revisions to SRO-985, which was published on August 4, 2021, in response to rising steel prices in local and international markets.

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Steel bars have been set 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 data.

According to government sources, an upward revision was required in light of the recent increase in local and international steel prices, as well as to avoid a potential revenue loss.

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The steel industry had previously requested a change to the minimum costs, claiming that prices were on the rise. Furthermore, the FBR has said that minimum pricing will be determined quarterly.

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