Prices of iron scrap, steel billet and finishing products have increased in the global and local market from $125 to $450 per ton, reported 24NewsHD TV channel on Thursday.

The prices of billet made from scrap have been increased by Rs13,000 to Rs105,000 per ton, the TV channel reported.

Rising iron ore prices will also make products prices more expensive. In the local market, the prices of branded steel has been increased by Rs24,000 and reached Rs129,000 per ton.

The TV channel quoting citizens reported the increase may also hit the economic reach of a poor person who wants to build a home.

It is pertinent to note that at Port Qasim, price-on-arrival of iron and steel scrap doubled to $500/ton for booking in last December from $250/ton in April.