Indian steel producers hike prices up to Rs 1'200

Indian steel producers hike prices up to Rs 1’200

According to recent news in the market, Indian steel producers in private and public sectors have recently hiked their prices by Rupees 500-1'200 ($11-27) per ton in order to offset the rise in the raw material prices. Sources report that Steel Authority of India Ltd (SAIL) has increased its flat product prices by 5%, while Essar Steel and Ispat Industries have hiked their prices by 3-5%. The price increase effected by Essar and Ispat corresponds to Rupees 700-800 ($16-18) per ton. The increase in steel prices is expected to impact the prices of automobiles and construction sectors. In line with the new price hikes, SAIL's hot rolled coil price and cold rolled coil prices will increase to Rupees 25'800 ($592) per ton and Rupees 27'300 ($627) per ton, respectively. Meanwhile, the company has not increased the price of galvanized corrugated sheets as they will be required in Tsunami-affected areas. These price increases are attributed to the hikes in metcoke and iron ore prices by leading mining companies.