KARACHI - The Pakistan Steel Mill (PSM) has amplified the existing prices of all its major steel products in the backdrop of high steel prices in the international and local market. Rs 1,000 to Rs 2,500 per ton increase has been announced which would be effective from 15th of August. The prices of billets, the major steel product has been increased by Rs 1,000 per ton, previously, the rates were from Rs 38,000 per tones to Rs 40,200 per tones. Now, the new prices are between Rs 39,000 to Rs 41,200 per tones. The Cold Rolled Product (CR) has also increased up to Rs 2000 per ton. Previously the prices were between Rs 62,300 per tones to Rs 57,700 per tones. But after this increase, new prices will be Rs 64,300 to Rs 59,700 per tones. On the other hand, the price of Hot Rolled Product (HR) witnessed Rs 2000 per ton hike, the product was of Rs 50,000 per tones to Rs 49,000 per tones, and from now onwards it is of Rs 52,000 to Rs 51,000 per tones. The Galvanized products have also witnessed price hike of Rs 2000 per tones. From 15th August the prices will be in between Rs 61,000 per tones to Rs 66,800 per tones. The Unsorted Product (Hot Roll) was of Rs 39, 700 to Rs 46, 600 per tones, now, after the increment of Rs 2500 per ton, the new prices will be from Rs 42,200 to Rs 49,100 per tones. The Unsorted Product (Cold rolled) was of Rs 38, 900 per tones to Rs 47, 900 per tones, which will be of Rs 41,400 to Rs 50,400 per ton, after the hike of Rs 2500. According to the sources in PSM, the rates of above mentioned products have been increased in the context of current financial condition of Mill that has forced to increase the prices in order to curtail the losses during production and sales. Moreover, the source added that the 2 shipment of raw material (iron ore) from Iran had arrived with the raw material of around 80,000 tones. Few more ships of iron ore are expected to arrive at PSM. He added that the production of PSM is now increased by 70pc to 80pc, this will help to curtail the losses that have been generated during last few months.