Thursday, June 02,
Indian Steel majors- JSW and Essar Steel, have hiked the rates for flat products by up to Rs 1,000/MT in the wake of rising raw material costs especially coking coal & iron ore.
However, a price hike for long steel products, mainly used for the construction sector, is not in the offing as rains have already started in some parts of the country said, industry sources.
The state-run SAIL hasn’t revised its prices and kept it at the last month’s level, while Tata Steel is yet to decide on any move.
“Our prices for flat products have gone up by Rs 600 to Rs 1,000/MT since the beginning of the month, the first such move in the current fiscal,” said officials at both JSW and Essar Steel.
The price of HR-coil which is mostly used in the automobile and white goods sectors is between Rs 36,000- 36,500/MT.
According to SAIL’s Chairman C S Verma, “We have rolled over the prices from May to June as we do foresee that raw material prices are now stabilizing. Mining in Australia is coming back to normal, so prices of coking coal should come down now”
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