Price hike by Indian steel maker TISCO

Price hike by Indian steel maker TISCO

Recent news in the market reports that, Indian steel producer Tata Iron and Steel Corp (TISCO) has recently increased its flat and long product prices by 10%, indicating an increase of Rupees 2'500-3'000 ($55-66) per ton. The price increase is effective as of March 1, 2004. As previously reported by SteelOrbis, Indian government reduced steel import tariffs to 5% levels with the purpose of hindering steel prices to increase further, moreover it requested from steel producers in India not to increase their prices. In line with the warning of the government, Steel Authority of India Ltd (SAIL) and Essar Steel announced that they will decrease their prices by Rupees 2'000 ($44) per ton. Related with the price increase, an official from TISCO claimed that the new price levels are within the limit of the prices advised by the government.