New Delhi, March 1: A day after presentation of Union Budget, steel majors including Tata Steel and JSW Steel raised steel prices by Rs 1,500 to Rs 2,000 a metric tonne.
The price increase has been done in wake of recovery in demand across Asia, coupled with the hope of prices remaining upwardly mobile.
A Tata steel spokesperson said that the company has increased the price of benchmark hot rolled coils (HRC) by Rs 1,500 to Rs 2,000 a metric tonne. “There is nothing unnatural about raising the prices. We term it as purely adjusting to market forces. The demand for steel is soaring high and Chinese companies have again begun upping their demand,” he added.
Similarly, JSW Steel too hiked the steel prices by Rs 2,000 per metric tonne.
Other steel companies are also likely to follow suit with announcements expected in the coming days. It is understood that the country’s largest steel maker has also finalised a price rise. However, an announcement is expected later.
The price increase in March is coming after an increase in steel prices in September. The prices have been falling ever since then with prices firming up from January. The domestic steel prices has moved with wide fluctuation during the entire 2005 period.
