Indian steel producers to hike prices

Indian sources report that Indian steelmakers are planning to hike their prices due to the rise in Chinese prices and the increase in domestic demand. The price increase, which is planned to be in a range of Rupees 1,500-2,000 ($33-45) per ton on hot rolled coils, will be the first increase in steel prices in the last six months. Apart from the hot rolled coil prices, the price of long products will also be increased by Rupees 700-1,000 ($15-22) per ton and the price of galvanized products will be increased by Rupees 750-1,000 ($17-22) per ton. On the other hand, no change in the cold rolled coil prices is planned since the price of subject products is already high. The price increases are as a result of strong domestic demand and rising global steel prices.