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Tuesday, June 18, 2024

Wholesalers of metal products cry more than hikes in selling prices

Wholesalers and stores of steel products which include iron rods have explained as unacceptable and unpatriotic improve in selling prices of steel products and solutions by the 7 steel production companies running in Ghana.

The organizations, B5 furthermore, United Steel, Tema Metal, and Rider Metal Enterprise Restricted amid other individuals in a conversation to their wholesalers and suppliers have announced an upward adjustment in prices of Delicate Steel efficient March 1, 2020.

Info picked up by Pleasure Organization exhibits that the alleged increment by the seven organizations, which are suspected to have shaped a cartel, has been happening month to month given that November 2019.

A message sent to all wholesalers sighted by JoyBusiness reads:
“Please obtain attached the following as Gentle Steel Rods cost routine with outcome from 1st March 2020.

Mild Metal: 10, millimetres now sells at GH¢3,200 as an alternative of the GH¢3000. Also, 20 millimetres now offer GH¢3,280 instead of GH¢2900.”

Similar messages ended up sent in November, December, January and February culminating in an practically 100 for every cent increment in steel products and solutions.

This most recent increment will come on the back of the President’s announcement of 50 for every cent reduction in electrical energy charge for all enterprises and persons over the poverty line among the measures to cushion the nation against the influence of the coronavirus pandemic.

Even more checks propose that the firms which love unique producing of iron rods and other steel solutions since of the government’s ban on importation of metal have established an artificial lack of the merchandise to drive the wholesalers and retailers to acquire at their value.

This has pushed, wholesalers in the steel small business to contact on the President, the Minister for Trade to search into the issue, describing the development as “cheating, particularly in these troubling periods where coronavirus is presently eating their profits.”

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