Heat Treat Industry News
January 04, 2010
Steel stalwarts raise prices
New Delhi, Jan. 2 (PTI): A rise in demand in the local markets has prompted steel companies SAIL, Tata Steel, Essar, Bhushan and JSW to raise prices of their products by up to Rs 2,000 a tonne.
The country’s largest steel producer SAIL has increased the prices of flat and long products by Rs 1,500, while Tata Steel hiked the rates of flat products by up to Rs 1,500.
Bhushan Steel raised prices of its long and flat products by up to Rs 2,000 a tonne. Essar Steel said they had hiked prices of flat products by up to 4 per cent from the current range of Rs 28,000-Rs 30,000 a tonne.
JSW has increased the prices of its long and flat products by up to 5 per cent.
Flat steel products are primarily used by the white goods and auto industry, while the long products are used in the construction industry.
“Internationally, steel prices have firmed up and there is a surge in demand. Based on this, we have raised the prices of our flat products between Rs 1,000 and Rs 1,500 a tonne in the spot market,” Tata Steel spokesperson Sanjay Choudhary said.
SAIL said the prices of its products had been increased with immediate effect.
“The prices are market-driven and there has been improvement in the scenario leading to an increase of Rs 1,500 in both our flat and long products,” SAIL spokesperson R. K. Singhal said.
A Bhushan steel spokesperson said they had increased prices by Rs 2,000 a tonne with immediate effect.
Essar Steel has increased the prices by 3-5 per cent with immediate effect, a company spokesperson said.
Globally, steel prices have recovered by about $50 a tonne to about $450 per tonne after falling by around $150-200 per tonne in the last two months because of fear of over-capacity in Chinese steel mills and import threat.
During the past two months, steel producers had cut prices by about Rs 2,000 a tonne following a fall in global prices and threat from cheaper imports.
SOURCE: THE TELEGRAPH - CALCUTTA, INDIA
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