Rashtriya Ispat Nigam Limited (RINL), the state owned steel producer in India has raised steel prices by Rs 500/MT.
According to sources, Billet is being traded at Rs 38,100/MT (Ex works Vizag, including excise duty) for size 125*125 mm, earlier offered at Rs 37,600/MT.
Wire Rod prices move up by the same and are currently quoted at Rs 45,000/MT (Ex works Vizag, including excise duty and VAT extra).
Though, prices of finished steel products i.e. re-bars and wire rod have been pushed up by the company looking at the improving demand and steel prices across the globe, chances are fewer that it will have much impact in market as secondary steel makers have already increased offers by Rs 2,000/MT in last one month.
Company officials have not yet confirmed the rise in semi finished steel products, such as Pig Iron and Billet prices.
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