State owned – Vizag Steel (RINL), has increased its finished long steel prices by INR 200-500/MT (USD 3-7) for Nov’18 deliveries. The revised prices are applicable from 1st Nov’18, as per sources.
The company has raised prices for Rebar by INR 200/MT, Structure by INR 500/MT and Wire rod by INR 300/MT.
After consideration of price hike by the company, Rebar offers through the large mills stood at close to INR 44,300-44,800/MT ex-Chennai, for 12mm & excluding 18% GST.
The current price hike by the Vizag Steel attributes to recent hike in railway freight charges by almost 9% in Iron-ore, Coal & Steel. In addition limited stock of Finished steel with the company is one of the major factor behind surge in prices.
Vizag Steel (RINL) is a state owned steel maker under the Ministry of Steel and one of the largest long steel producers in India. The company had reported saleable steel output at around 4.5 MnT in last fiscal 2017- 18 and targeting to achieve at 5.5 MnT in the current fiscal year. The company is also targeting to achieve the production capacity near to 6 MnT in FY 18-19.
Few Indian primary Steel producers like JSW Steel are heard to have rolled over in long product prices however for some announcements are yet to be made.
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