The Competition Commission of Pakistan (CCP) has exposed an alleged cartel in the raw steel market, issuing show-cause notices to major suppliers involved in price-fixing.

According to the CCP’s inquiry report, steel prices were increased by an astonishing 111 times.

The investigation revealed that International Steel and Aisha Steel Mills allegedly colluded to manipulate prices and set rates collectively.

Over the past three years, the price of raw steel surged by Rs146,000 per tonne, raising serious concerns about anti-competitive practices.

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The report further disclosed that the two major suppliers had also engaged in coordinated pricing for secondary materials.

During raids on steel mills, the commission obtained concrete evidence of cartelisation, highlighting unfair business practices in the market.

The CCP stated that price-fixing through collusion is a severe violation of consumer rights. The authority has vowed to dismantle all forms of market manipulation and ensure free competition in the steel industry.