Steel Authority of India (SAIL), one of the largest manufacturer of flat steel in the country has raised prices of HRC/CRC by Rs 1750/MT and GP prices by Rs 1000/MT, w.e.f September 01.
The company is now offering its HRC produced from Bokaro plant at Rs 41,500/MT USD 628 (ex-Ludhiana) inclusive of ED, taxes extra, earlier the material was available at Rs 40,200 in the month of August. Similarly material from Rourkela Steel Plant is available at Rs 40,500/MT USD 613 (ex-Ludhiana) inclusive of ED, taxes extra.
Increase in prices is due to decline in Rupee value, low imports and increase in input cost.
SteelMint learned from market sources that SAIL is expected to offer rebate (discount) of Rs 750/MT in mid September which will bring the level of price hike to Rs 1,000/MT but confirmation on news is awaited from MOU holders and traders.
Stock Level at SAIL yard of Ludhiana is at 7000-8000MT, while total material available at Ludhiana is at around 25,000 for HRC and 35,000MT including HRC and CRC.
Prices of Imported HRC are at same level due to appreciation of dollar against rupee, HRC coming to India from Japan is hovering at USD 580/MT(equivalent to INR 38,200) while material reaching from China is at USD 550/MT (equivalent to INR 36,300).
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