Steel, canned fish producers to ask for price hike

BANGKOK, 10 March 2011 (NNT) – Entrepreneurs in steel and canned fish industries are requesting a price hike following the rising cost of raw materials, according to Commerce Minister Pornthiva Nakasai.

The minister disclosed that steel product manufacturers were expected to submit shortly their request for a price hike to the Department of Internal Trade (DIT) under her ministry. She said she had instructed a subcommittee on steel product prices to consider the rationale for an increase.

Steel manufacturers want to increase their product prices after prices of raw materials in the global market have soared. Canned fish producers are prepared to follow suit since the price of tinplate used in can production is getting more expensive.

On canned fish, Ms Pornthiva admitted that tinplate price is rising but not yet reaching the ceiling specified by the DIT. She said fairness will be given to all sides if the entrepreneurs file the request for price adjustment.

The minister added that the DIT will also conduct a study into the price structure of all products so that it will be equipped with information on their capital cost and ready to consider any request for price hike. She confirmed however that only 10% of goods tend to have their prices increased.