Vizag steel (RINL) one of the largest long steel producer in India has increased steel prices by INR 1,500/MT for Dec’16 as per SteelMint sources.
In earlier Nov’16, the company also increased steel prices by INR 1,200/MT.
The main reason behind the continuous increase in finished steel prices is because of the sharp rise in import coking prices for the last three- four months.
On a monthly average basis, Australia premium coking coal prices which was at USD 118/MT during Aug’16 is now reached to USD 308/MT in Nov’16, now it has increased USD 190/MT.
However, demand is weak in domestic market after the government move of demonetization of high currrency note.
Other large steel producers like SAIL, Tata steel, JSW steel and JSPL are most likely to follow suit and may announce the revised steel prices in the coming days.
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