“Companies expect demand for their products to skyrocket, hence prices of inputs including coal and steel scrap have hiked across the world,” he said. “A seasonal impact is also being witnessed with regard to coal prices,” he said. Even though most of the raw material is local, cement and steel manufacturers have raised prices of their products to Rs625 for a 50kg bag of cement and Rs126,500 per ton of steel, which is not justified. He was of the view that the cartel of cement and steel manufacturers seemed determined to crush the construction industry. However, steel and cement cartels are bent on spoiling the efforts of the prime minister and inflict a dent on the national economy.

Source: The Express Tribune December 23, 2020 03:11 UTC