Steel Prices raised by Rs 2500/t on back of strong demand
All Major Indian Steel Companies raised the price of Steel by Rs 1500 – 2500 per tonne for various products. Higher demand and high input costs triggered the move. Tata Steel raised the price of hot-rolled steel by Rs 2000 per tonne. PSU Steel Major SAIL also raised the price of its flat and long products by Rs 1500 – 2000 per tonne. Uttam Galva Steels raised the price of galvanized steel by Rs 2000 per tonne.
Ispat Industries, JSW Steel and Essar Steel also hiked the price for their products.
The cost of raw materials including iron ore, coal and coke has increased. The price of iron ore has remained firm during the year and has seen a rise of 22%. Industry experts believe that the price will remain firm over the next three months. The price of Steel was raised in Europe last month by $50.
In a statement Tata Steel said, “We have increased the prices in line with market conditions by Rs 2,000 to Rs 2,500 on hot rolled, cold rolled and galvanized steel only in the spot market.”
After the current price hike, the price of hot rolled steel has crossed Rs 28000 per tonne while the cold rolled steel will cost anywhere between Rs 38000 – 39000 per tonne.