Indian integrated steel mills have hiked base prices across flat products, for the second time in less than a fortnight, for October deliveries, SteelOrbis learned from various company sources on Thursday, October 5.
The sources said that, in the case of both hot rolled coil (HRC) and cold rolled coil (CRC), the base prices have been increased across a wide range of INR 750-2,000/mt ($9-24/mt), on ex-works basis, depending on the supplier.
The large mills had announced an “interim” base price hike of INR 750/mt ($9/mt) for both HRC and CRC in late September. As a result, over the month, the increase in prices from some mills has added up to INR 2,750/mt ($33/mt).
Following the latest round of hikes, the effective base price of HRC of JSW Steel Limited stands at INR 58,550/mt ($704/mt) ex-works and its price of CRC at INR 63,800/mt ($767/mt) ex-works, which are the lowest among prices from the major mills in India. Improvements in outputs after maintenance works are making producers more careful about increasing prices.
The effective base price of HRC from Tata Steel Limited now stands at INR 59,250/mt ($712/mt) ex-works, with the effective CRC base price at INR 64,000/mt ($769/mt) ex-works, up by around INR 2,000/mt over the past month. ArcelorMittal Nippon Steel Limited’s HRC base price is at INR 60,750/mt ($730/mt) ex-works and its CRC base price at INR 65,750/mt ($790/mt) ex-works, being the highest.
$1 = INR 83.20
