Steel Authority of India Limited (SAIL), one of India’s large steel producers with plants principally in the eastern and central regions of India, has announced an increase on its domestic flat steel prices. According to a source, the increase is for INR 700/mt ($11/mt), which moves list prices up to approximately INR 43,000/mt ($673/mt) ex-works for HRC and INR 47,000/mt ($736/mt) ex-works for CRC. The price increase has been attributed to higher production and raw material costs.
While the Indian domestic steel market seems to be in a rebound, due the volatility of domestic billet and DRI prices since the beginning of the New Year, for example, along with softness in the global coking coal and iron ore markets, the source was unsure of the market’s willingness to adopt the new prices.
USD = INR 63.86 (Jan. 17)