KARACHI- Pakistan Steel Mills (PSM) has increased the prices of all its major steel products from Rs500 per ton to Rs1500 per ton. The prices of billets, the major steel product has been increased by Rs500 per ton, previously, the price was Rs35,000 per ton to Rs37,700 per ton. Its rates are now hiked up to Rs35,500 per ton to Rs37,700 per ton. The Cold Rolled Product (CR) has also increased up to Rs 500 per ton. Previously the rate was between Rs56,800/ton to 52,200, which has now reached up at Rs57,300/ton to Rs52,700. The Galvanised products have also witnessed price hike, as previously, it was of Rs64,300 per ton to Rs59,400 per ton which is now Rs64,800/ton to Rs59,900 per ton. On the other hand, the price of Hot Rolled Product (HR) witnessed Rs 1500 per ton hike, the product was of Rs43,500 per to Rs42,500 per ton. This has now increased up to Rs45,000 per ton to Rs44,000 per ton. The Unsorted Product (Hot Roll) was of Rs32,200 per ton to Rs39 100 per ton, now it is of Rs33,700 per ton to Rs40,600 per ton. The Unsorted Product (Cold rolled) was of Rs31,400 per ton to Rs40,400 per ton and now the new price of this product is Rs32,900 per ton to Rs41,900 per ton. According to the sources in PSM, the rates of above mentioned products have been increased in the context of increased cost of production. The prices of these products have been low till now, but the current situation of financial condition of Mill has forced them to increase the prices in order to curtail the losses during production.The source also mentioned that the PSM has lowered down its prices from August 2008 in order to beat the local market that has been dominated by the cheaper imported material. It was also due to the fact that last year the international steel industry has also suffered and the prices were lower down. This year the international market has again gained pace and the prices are getting stabilised, so, the PSM also increased the rates of its products to meet the losses faced by low prices and high cost of production. Currently, the raw material in PSM is not sufficient and the Mill is about to sign an agreement with Iran for the import of raw material, especially iron ore. This will then help and increase the production of PSM, source added.