Steel prices in India may increase by Rupees 500

Steel prices in India may increase by Rupees 500

According to recent news in the market, steel prices in India may be increased by Rupees 500 ($11) per ton in January. Sources report that hot rolled coil prices are expected to be increased by Rupees 500 per ton to Rupees 29'500 ($674) per ton. However no price hike has been announced so far. Major Indian steel producers will meet next week to discuss prices in January. The producers will reportedly effect price hikes ranging between Rupees 300 ($7) and Rupees 500 ($11). As previously reported by SteelOrbis, Jindal Iron and Steel Company (JISCO) and Ispat Industries increased their prices by Rupees 350 ($8) per ton in the first week of this month in order to offset the hike in freight rates. On the basis of rising manufacturing costs, the prices in India are expected to follow an upward trend in 2005.