Indian steel prices to increase by 10-11% in April

Indian steel prices to increase by 10-11% in April

Indian sources indicate that major Indian steel producers will increase their prices by 10-11% in April in an effort to offset the rise in prices of raw materials such as iron ore and coking coal. The prices of these raw materials went up 71.5% and 114% respectively. These huge increases will likely be reflected on hot rolled coil prices in the form a price hike of Rupees 3'000-3'500 ($68-80) per ton. Prices of cold rolled and galvanized steel would rise in the range of Rupees 4'000-4'600 ($91-105) per ton, while long products would experience a hike of Rupees 2'500-2'800 ($57-64) per ton.