Rise in household appliance prices due to steel price hike

Increase in the price of household appliances due to the high cost of steel

The vice president of the Union of Household Appliances stated that many manufacturing factories have increased the prices of their products by about 60% citing the rise in the price of colored steel. This price increase is not approved by the Ministry of Industry and Mines due to the unregulated prices. As a result, demand has decreased and the market is experiencing a recession. Some factories are selling their products to consumers and wholesalers at the same price without considering any profit. Now, consumers have no choice but to either buy the required goods at a high price or not buy them at all. The Union reports information and news about price hikes on a daily basis to the Ministry of Industry and Mines through its president, but unfortunately, no effective action has been taken.