According to a CCP spokesperson, investigations revealed that the two companies illegally increased steel prices by up to 111% over the past three years, causing consumers losses worth billions of rupees.

A CCP report stated that the price of raw steel was artificially raised by Rs146,000 per tonne, with clear evidence of collusion and coordinated price manipulation between the firms.

In its report, the commission said both companies consistently aligned prices between 2021 and 2024 to boost profits and create an artificial shortage in the market.

Acting on complaints filed by consumers and the builders’ associations, an inquiry was launched in June 2024.

As part of the investigations, teams comprising CCP officials raided the offices of the two companies to obtain crucial evidence that led to the issuance of show-cause notices in March 2025.

The companies have been directed to deposit the fine within 60 days.

Failure to comply will result in an additional penalty of Rs100,000 per day of delay.

CCP Chairman Kabir Sidhu said that any form of cartelization or price-fixing would not be tolerated in any market.

He added, “Unfair profiteering in essential sectors like steel not only raises construction costs but also burdens ordinary consumers. The CCP will further tighten its oversight to prevent such practices.”