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Steel prices in Fiji have increased by up to eight percent following the Commerce Commission’s approval of a submission by Fletcher Pacific Steel.
Fletcher general manager Vishwa Reddy said the company’s submission to the Commerce Commission resulted in a 2.98 percent price increase being approved last week.
Reddy said the increase came into effect on Wednesday.
“Our submission was based on increasing steel prices in the world market especially with steel from China now being mostly taken up by domestic consumption,” Reddy told FijiLive.
He said Fletcher’s price had increased almost $50 per tonne.
A check by FijiLive showed price increases at retail hardware outlets ranged from five to eight percent.
Although the increase comes into effect at a time when the country is faced with rebuilding needs from the damage caused by Cyclone Tomas, Reddy said the price increase was granted last Friday, before Tomas hit Fiji.
“The last increase in steel price we were awarded was in 2008 and since then we have been reducing the price,” he said.
