Indian steel companies not to hike prices in July

Indian steel companies not to hike prices in July

Major Indian steel producers such as Tata Iron and Steel Corp (TISCO), Jindal Iron and Steel Company (JISCO), Ispat Industries and Essar Steel had previously announced that they would not increase their prices by the end of June following the warning of the government in March. The subject producers have recently announced that they will keep current price levels in July despite the rise in Chinese prices. The price of hot rolled coil was increased to Rupees 27'000 level ($588) in March however Indian government made a call to hot rolled coil producers to decrease the price to Rupees 25'000 ($545) level and the producers agreed to decrease their prices to this level and maintain this price until the end of June. The producers were allowed to review and increase their prices in July however they have recently announced that they will not hike their prices in July.