SAIL and VSP hike long product prices
According to recent news in the market, Indian producers Steel Authority of
India Ltd (
SAIL) and Vizag Steel Plant (VSP) have increased prices of long products by an average of Rupees 4'000 ($87.5) per ton following the elections.
Tata Iron and Steel Corporation (TISCO) is reported to be considering to hike long product prices.
According to sources, price increase for certain long products may reach Rupees 5'000 per ton ($109).
As previously reported by SteelOrbis, prior to elections, the government demanded steel producers in the country not to increase their prices till June however the producers revealed that they would not hike prices before the elections.
Prices are stated to be increased due to rising raw material prices.