Press Trust of India reported that Indian steel majors taking advantage of buoyancy in domestic market have increased prices of both long and flat products for the month of January.
As per PTI report, the hike is INR 1000 per tonne to INR 2000 per tonne for most of the firms.
The report quoted statements fro m some of them as under
Mr RK Singhal spokesperson of Steel Authority of India Limited said “Prices are market driven and there had been improvement in the scenario, leading to an increase of INR 1,500 in both our flat and long products.”
Mr Sanjay Choudhary spokesperson of TATA Steel said “Internationally, steel prices had firmed up and there was a surge in demand. Based on this, we raised the prices of our flat products in the range of INR 1,000 per tonne to INR 1,500 per tonne in the spot market.”
A Bhushan steel spokesperson said the company had increased prices by INR 2,000 a tonne with immediate effect.
A spokesperson at Essar Steel said prices were increased by 3% to 5% with immediate effect.