Steel prices on the rise
By Our Corporate Bureau | 02 Sep 2005
Mumbai: Steel companies in Indian are increasing the prices of various steel products by around Rs500 per tonne as international steel prices have risen.
Tata Steel had already announce an increase in the prices of hot rolled (HR) steel products by Rs500-per tonne on spot basis while Steel Authority of India has effected a similar hike on various steel products.
Essar Steel has also upped prices in the range of Rs 600-Rs700-per tonne depending on the grade. It has 300 grades of steel products on offer. The company cited input cost increases and declining stocks as reasons for the price increase.
Ispat Industries has also increased the prices of HR and some other value-added products by Rs500 a tonne. Uttam Galva Steels Ltd, exporter of galvanised steel, said it has increased prices by Rs2,000-Rs3,000 per tonne.
Steel company officials said prices of hot rolled steel have been hardening globally up as stocks have declined and demand has picked up. He said the markets are ready for a price increase.