Steel companies plan price hike

Source: The Hitavada      Date: 10 Feb 2019 09:21:01


 

Business Bureau,

Steel prices may go up as major players are planning upward price revision, industry sources said. JSW Steel has already hiked the prices by Rs 750 a tonne.


“Hot Rolled Coil (HRC) was hovering in the range of Rs 42,000 to 44,000 till end of January. The hike made last week was in line with international prices. The rates have gone up in the international market,” a company source said. Another steel company JSPL will also hike the prices “if others will do”, a company official who did not wish to be quoted said. “In last 10 days, prices of steel have gone up to USD 70 a tonne in the international market due to increasing prices of iron ore. If there will be a revision it will be an upward revision,” an Essar Steel official said.


In a statement, SAIL Chairman A K Chaudhary while pointing at the current volatility in steel prices said, “Despite various factors including cheap imports, the prices are expected to improve in coming days considering the high input costs”. E-mail queries sent to Tata Steel and RINL remained unanswered till the time of filing of the story.


Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), JSW Steel, Jindal Steel and Power Ltd (JSPL) and Tata Steel Ltd (TSL) are six primary steel players in the country, which together control about 60 per cent market.