Indian steel producers hike prices

Indian steel producers hike prices

Indian steel companies reportedly increased the prices of various steel products by around Rupees 500 ($11) per ton in an effort to fill the gap between their prices and the international market prices. Tata Steel Ltd announced that it increased its hot rolled (HR) steel prices by Rupees 500 per ton on spot basis. Likewise the state-owned Steel Authority of India Ltd (SAIL) raised the prices of various steel products by Rupees 500 per ton on average. SAIL officials tried to justify the price hikes by asserting rising international market prices. The officials also claimed that in the light of higher international market prices, markets are ready to accept these price hikes. Another Indian steel producer Essar Steel also hiked its prices by 3 percent, accounting for a price rise of Rupees 600-700 ($13-16) per ton depending on the grade. The company said that rising manufacturing costs, declining stocks and the rising demand urged the company to rise its prices. Ispat Industries also increased its prices of hot rolled steel and some other value-added products by Rupees 500 per ton. Galvanized steel exporter Uttam Galva Steels Ltd, hiked its prices by Rupees 2'000-3'000 ($45-68) per ton.