September 01,
Steel prices, which had been falling since May, could pick up from September 1 onwards, with companies prompted to raise price levels due to cost pressures.
The quantum of hike, which could be Rs 1,000-1,500 per tonne on an average, will also reflect a marginal increase in demand from user industries after a sharp fall in their inventory levels, said industry executives.
“There has been no relief from Coal and Iron ore prices despite a fall in steel prices since May, so companies will have no option but to raise prices,” said JSW Steel joint managing director Seshagiri Rao.
The price hike will likely be implemented by companies such as Steel Authority of India, Rashtriya Ispat Nigam’s Vizag Steel, Tata Steel, JSW Steel, Essar Steel and Ispat Industries.
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