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New Delhi: Tata Steel raised prices of its products by up to Rs 750 a tonne, the second such move in as many months, on account of improved domestic demand for the commodity and a firming global trend.
"We have increased the prices of our hot-rolled and cold-rolled steel items in the range of Rs 500-750 a tonne on our monthly contracts in select regions," a Tata Steel spokesperson said.
However, the announcement was made on Friday, the increase in rates would come into effect from June 1, he said, adding the hike in the prices has been effected on the back of improved domestic demand from sectors including construction and automobile, and the recent uptrend in global steel prices.
The company had last month hiked the rates of its long products, mainly used in the construction space, in the range of Rs 300-500 a tonne.
By increasing prices of its products, Tata Steel has pre-empted the move of its peers in the industry like JSW Steel and JSPL, who are considering increasing prices of their items on account of the increased offtakes and slight improvement in international prices.
Tata Steel had recorded an 18 per cent increase in its sales volume to 4.69 lakh tonnes last month.
State-run RINL has already hiked steel prices by Rs 1,000 a tonne while SAIL has discontinued the Rs 500-a-tonne rebate it was giving to the retailers of its products.
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