Ispat to hike prices next week

Ispat to hike prices next week

Indian steel maker Ispat Industries announced that the company will increase its prices around 6% per metric ton next week. The company's current price for commodity grade hot rolled coil ex-mill is Rupees 28'950 ($663). The new price will be Rupees 30'950 per metric ton. Company officials indicate that it is a planned price hike, designed to offset rising raw material costs. Other Indian companies such as Tata have stated they would not increase their prices before April 1st. However, these companies may be pressured to follow suit and announce earlier increases.