Indian steel producers hike HR steel prices

Indian steel producers hike HR steel prices

Certain Indian steel producers have recently effected price hikes on hot rolled steel products as reported by SteelOrbis yesterday. The prices are stated to be increased to keep up with rising international steel prices. The price of hot rolled coil has been increased by Rupees 500-1'000 ($10.8-21.6) per ton. With the increase, Essar Steel's price of hot rolled steel products has reached Rupees 25'500 ($550) per ton, while the others' have gone up to Rupees 29'000 ($625) levels. The producers that hiked prices are Tata Iron and Steel Corporation (TISCO), Essar Steel and Jindal Vijayanagar Steel Ltd. These producers have increased their prices claiming that their prices are relatively lower than international prices. Following the warning of Indian government, the producers in India have not revised their prices since February. As hot rolled steel product prices are increased, prices of cold rolled steel products and galvanized steel products are expected to increase.