Indian steel companies hike prices

Indian sources report that Indian steel producers increased prices of flat products mostly for HR coils and galvanized steel in line with international prices and higher zinc prices. JSW Steel reportedly hiked its hot rolled coil prices by Rupees 1,750/mt ($39/mt) and that of galvanized products by Rupees 2,000/mt ($44/mt). Essar Steel also increased its prices for HR coils and galvanized products by Rupees 1,500-1,700/mt ($33-38/mt). Ispat Industries raised its HR prices by Rupees 1,750/mt ($39/mt) and galvanized steel prices by Rupees 2,000/mt ($44/mt). As reported by SteelOrbis yesterday, Uttam Galva hiked its hot rolled steel prices by Rupees 1,500-1,700/mt ($33-38/mt) and galvanized steel prices by Rupees 2,000/mt ($44/mt), citing rising manufacturing costs. SAIL and Tata Steel have not announced any price revision yet.