Steel becomes costlier; companies hike rates by up to Rs 4,900 per tonne in India

After the price revision, a tonne of HRC will cost Rs 70,000-71,000 while the buyers will get CRC at Rs 83,000-84,000 per tonne.
For representational purposes. (File | Reuters)
For representational purposes. (File | Reuters)

NEW DELHI: Leading domestic steel makers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively, industry sources said on Thursday.

After the price revision, a tonne of HRC will cost Rs 70,000-71,000 while the buyers will get CRC at Rs 83,000-84,000 per tonne.

The price revision has been made in the last two days, the sources said.

HRC and CRC are flat steel used in industries such as auto, appliances and construction.

Hence, any rise in steel prices impacts the prices of vehicles, consumer goods and cost of construction as steel is a raw material for these sectors.

SAIL, JSW Steel, Tata Steel, JSPL and AMNS India are the leading steel-making companies in the country which jointly contribute about 55 per cent to India's total steel production.

When contacted, a SAIL official said "it is market driven" and did not comment further.

While JSW Steel declined to comment, a JSPL official said "Global Steel prices have moved up owing to a spike in the cost of raw materials.

Indian iron ore has gone up by Rs 4000/tonne which is also pushing steel prices higher.

"Domestic steel prices are at 20-25 per cent discount to international prices. Most of the steel companies have ramped up exports owing to weak domestic demand. MSME sector has still not picked up. Inventory levels are low, it will aid offtake once restrictions are lifted." 

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com