Hot rolled steel prices may increase in India

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.