Major suppliers engaged in price-fixing have received show-cause notices from the Competition Commission of Pakistan (CCP), which has exposed an alleged cartel in the raw steel market.
The CCP’s probe report claims that the price of steel climbed by a startling 111 times.
According to the investigation, International Steel and Aisha Steel Mills conspired to set rates and manipulate pricing together.
The price of raw steel increased by Rs146,000 per tonne over the last three years, which raised grave concerns about anti-competitive behavior.
