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Steel prices may go up by next month


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NEW DELHI: Domestic steel manufacturers may increase prices by up to Rs 1,500 a tonne in the next few days to cash in on the pick-up in demand in the festive season, the second hike in as many months. Prices may go up by up to Rs 1,500 a tonne across different steel products from October 1. On an average, steel prices are in the range of Rs 30,000-36,000 a tonne now.

Steel makers said the automobile industry has seen unprecedented sales of vehicles in the past few months and the trend is most likely to continue in the Durga Puja, Dussehra and Diwali season, pushing up the demand for steel. When contacted country's largest steelmaker SAIL's chief said the market is bullish. "We have to assess the market conditions (before announcing an increase)," SAIL chairman C S Verma said. Tata Steel spokesperson did not respond to phone calls. Essar Steel said domestic prices are still lower when compared to global rates. Iron ore prices have gone up by up to about Rs 3,300 a tonne from Rs 1,900 a tonne earlier this year. Coking coal prices are hovering in the range of $200 a tonne as against $125 a tonne last year.
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13-07-2009
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Our research reports match high industry standards.
13-07-2009
Meltdata incorporates a robust process of planning, designing,analysis.
Our research reports match high industry standards.
13-07-2009
Meltdata incorporates a robust process of planning, designing,analysis.
 
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