Aluminium,steel prices up; zinc rates cut

Posted: Tuesday, Jul 04, 2006 at 0000 hrs IST
Updated: Tuesday, Jul 04, 2006 at 0000 hrs IST

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Mumbai, July 3: Some leading Indian steel companies have hiked the prices of hot-rolled (HR) steel by about Rs 750-1000 per tonne. These companies are following the global trend where prices have been increasing steadily.

JSW Steel, Essar Steel and Uttam Galva confirmed the hike in prices in the range of Rs 750-1000. Officials of Tata Steel, the country's largest private sector steel firm, could not be reached to ascertain whether they too had hiked prices. Steel is currently selling around Rs 28,000 per tonne.

Companies have been hiking steel prices almost every fortnight since February owing to higher input costs. Steel makers have been passing on the higher input costs incurred by them to consumers.

When asked about the outlook, a Mumbai-based analyst said that in the short term, the prices will remain strong. While Birla Group's flagship company Hindalco and state-owned Nalco hiked aluminium prices by Rs 2,000 per tonne, Hindustan Zinc cut zinc prices by Rs 2,300 per tonne.

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