India’s large integrated steel mills have increased domestic flat product base prices by INR 1,500-2,000/mt ($18-24/mt) for March with immediate effect, SteelOrbis learned from industry officials on Wednesday, March 1. Initially it was expected that the local base price increase would be around INR 1,000/mt for March, making the recent movements slightly above expectations.
It may be pointed out that this is the second revision in base prices in less than a week, with mills effecting an ‘interim’ price hike of INR 500/mt ($6/mt) last week.
Tata Steel effected a base price increase of INR 2,000/mt ($24/mt), taking its effective official list price for hot rolled coil (HRC) to INR 61,000/mt ($738/mt) ex-works and cold rolled coil (CRC) to INR 68,000/mt ($822/mt) ex-works.
ArcelorMittal Nippon Steel Limited (AMNS) increased flat product base prices by INR 1,500/mt ($18/mt), taking the effective list price for HRC to INR 61,500/mt ($744/mt) ex-works and that of CRC to INR 69,000/mt ($836/mt) ex-work.
JSW Steel Limited has increased flat product base prices by INR 1,500/mt ($18/mt), taking its effective HRC price to INR 61,250/mt ($741/mt) ex-works and its CRC price to INR 68,500/mt ($828/mt) ex-works.
Trade circles said most mills have cited rising costs of inputs like iron ore, energy and coking coal for the increase in base prices. Other large mills like state-run Steel Authority of India Limited (SAIL) and Jindal Steel and Power Limited (JSPL) are expected to announce new higher flat product prices over the course of this week.
$1 = INR 82.70
