Major Indian steel producers increase long product prices

Major Indian steel producers increase long product prices

Steel Authority of India Ltd (SAIL) and Vizag Steel Plant (VSP), a unit of Rashtriya Ispat Nigam Ltd (RINL) have recently increased long product prices by Rupees 1'000 ($22) per ton. As previously reported by SteelOrbis, under government measures, aiming at reining in inflation, major Indian steel producers reduced their prices in August and the lower prices have been kept at the same levels since August. According to the new list of SAIL, prices of structural steel products, including beams, channels, angles have been increased by Rupees 1'000 ($22) per ton to Rupees 26'000-26'500 ($577-588) per ton. The prices of same products have been increased by Rupees 500-1'000 ($11-22) per ton by Vizag Steel. The prices are stated to have been increased due to strong demand and tight supply of subject products. Other major steel producer Tata Iron and Steel Corp (TISCO) announced that it will not increase its prices till March 2005.