Visakhapatnam Steel increases prices

Visakhapatnam Steel increases prices

Indian steel producer Visakhapatnam Steel Plant (VSP) increased its prices by Rupees 1'500-2'000 ($34-45) per ton from April 1, 2005. This price increase could add Rupees 4.5-5 billion ($102-114 million) to VSP's bottom line during the current fiscal year. The prices of billets and blooms have been increased by Rupees 1'500 ($34) per ton, while the prices of rebar, wire rod and structural products have been increased by Rupees 1'800 ($41) per ton. VSP officials claim that the price increase was necessary to offset rising raw material costs. They add that they might consider reducing prices if the market seems hesitant to buy.