Hot rolled steel prices may increase in India
Steel Authority of
India Ltd (
SAIL) officials announced that hot rolled steel prices in
India may increase in September in line with the global market trend.
SAIL officials hinted that an increase of Rupees 700-800/ton ($16-18/ton) is possible, adding that the increase may even go up to Rupees 1'000/ton ($23/ton) if the prices in international markets increase significantly in August. Such an increase would take the price of hot rolled steel in
India, which is currently around Rupees 25'000/ton ($573/ton), to the level of around Rupees 26'000/ton ($596/ton). These prices include a 16 percent excise duty.
SAIL blamed rising
scrap prices as the main reason for price hikes in international markets. The company cited US-based
Nucor's recent announcement of a $60/ton
scrap surcharge for September deliveries as an example.