SAIL increases HR steel prices today

SAIL increases HR steel prices today

Indian steel producer Steel Authority of India Ltd (SAIL) has announced that it will increase prices of hot rolled steel products effective as of December 1, 2004, i.e today. The net increase in the hot rolled steel products is in the range of Rupees 500-800 ($11-18) per ton. The other private sector steel producers will wait for the decisions that will be taken at the Steel Consumers' Council meeting before they effect a price hike. Sources report that Tata Iron and Steel Corp (TISCO) and Jindal Vijayanagar plan an increase of Rupees 1'000 ($22) and Essar Steel and Ispat Industries are reportedly planning to increase their prices by Rupees 500 ($11) per ton. As previously reported by SteelOrbis, in India freight rates have been increased and the increase in the freight rates were expected to be reflected on steel prices. The reason for the recent prices hike is stated to be the increase in freight rates.