India’s major mills who are producing steel through the blast furnace route are expecting an uptick in domestic demand after Union Budget presented on 1 Feb’19 which saw an increase allocation in infra sectors.
Thus, few of large mills have decided to increase prices of long product and a few others have opted to keep prices unchanged for Feb’19 deliveries.
SAIL hikes long steel prices– State owned steel maker under Ministry of Steel has announced marginal increase in prices in long steel products by INR 300/MT for February across India as per sources.
Shri Anil Kumar Chaudhary, Chairman of SAIL stated for budget 2019 “The budget announcement for industry as a whole looks positive. The development of infrastructure in the Country has been given further emphasis in this interim budget as well. Sectors like railways, roadways and waterways remain the focus areas of growth. Budget allocation for expanding the railway infrastructure, improving connectivity through Pradhan Mantri Gram Sadak Yojana and scaling up the Sagar Mala project are all indications for more steel consumption in the country“.
RINL keeps rebar base prices unchanged: Vizag Steel another state-owned under Ministry of Steel has kept base price unchanged in finished steel product for Feb’19 as per sources as of now but it may look for price hike in the coming days if market sentiments remain supported. Last month company provided monthly & quarterly discount/incentives in order to push sales.
Jindal Steel and Power Limited (JSPL): Jindal Steel and Power Limited (JSPL) is also set to increase in long products by upto INR 1,000/MT for Feb’19, as per sources but official confirmation is yet to come.
After consideration of price revision by major mills, the latest price assessment of Rebar through the large players stood at close to INR 39,500-40,000/MT ex-Delhi. Prices are for 12 mm size & excluding 18% GST.
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