Prices of steel is expected to increase from today.
Fletcher Pacific Steel Manager, Vishwa Reddy told Fijivillage News this morning that the Commerce Commission informed them in a letter yesterday that the company can increase the prices. The prices of 300 grade rods have increased by 12% and 400 grade rods by 14%
Reddy added that steel prices may rise even further in the near future.
He said the steel company would have closed down if the increase was not allowed.
A review was done by the Commerce Commission after an application by Fletcher Steel Pacific Limited in January this year to increase prices of steel rods.
Steel Prices Expected to Increase Today
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