India's top steelmakers to hike prices by up to Rs 4,000 per tonne from April
: : Mar 27,2021
India’s top steelmakers, JSW Steel NSE 1.64 %, JSPL, AM/NS and Tata Steel, might raise prices by up to Rs 4,000 a tonne on the benchmark hot-rolled coil from April after rates climbed in the global markets, particularly in China.
“The decision is yet to be made, but we are planning somewhere around Rs 4,000 per tonne from April 1st to match up with the international markets and to cover the rising cost of iron ore,” said an executive at one of the top steel players.
The steel mills had reduced prices by Rs 1,000 per tonne in the beginning of March on the back of a reduction in import prices after finance minister Nirmala Sitharaman brought in a slew of measures like the customs duty reduction to 7.5% from 12.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels, said an analyst who did not wish to be named.
“The prices were also soft due to slow economic activity in China after the Lunar new year,” the person quoted above added.
However, on the back of rising prices in China and other international markets, Indian steel mills will be increasing prices - the 13th such raise since the pandemic-led lockdowns began.
WeChat official