Long product prices in India may increase

Long product prices in India may increase

Long product producers in India reportedly consider hiking prices in the coming weeks despite the government's warning about the steel prices. As previously reported by SteelOrbis, Indian government demanded steel producers in the country not to hike their prices till June. Upon the warning, certain steel producers had agreed to maintain their price levels. The prices are stated to be increased due to strong demand for long products and rising input costs. In India, current rebar prices are at the range of Rupees 25-28'000 ($561-628) per ton depending on the grade, while billet price is at the level of Rupees 23'000 ($516) per ton. Price increase is expected to be around Rupees 1'500 ($33.5) per ton. On the other hand, major long product producers Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam (RINL) and Tata Iron and Steel Corp (TISCO) have not officially confirmed the price increases.