Indian producers may hike HRC prices

Indian producers may hike HRC prices

According to recent news in the market, Indian flat steel producers may hike hot rolled coil (HRC) prices by Rupees 500-1'000 ($11-22) per ton by the first week of May. With the purpose of discussing prices, Steel Authority of India Ltd (SAIL) and Tata Iron and Steel Corp (TISCO) reportedly hold a meeting every month, which is followed by the meeting held by other Indian producers Ispat Industries, Jandal Vijaynagar Steel Ltd and Essar Steel. The subject producers have not increased prices since March taking the government warning into consideration and the price of HRC remained at the level of Rupees 27'000 ($611) per ton. However, due to rising raw material prices, increase in the price of HRC is on the agenda. In India, as of March 2004, prices of coke, pig iron, scrap and iron ore were $500, $350, $300 and $110 per ton respectively. These prices indicate increases ranging between 173-317% since December 2002.