The largest domestic steel manufacturer, the state-run Steel Authority of India Ltd (SAIL) on Wednesday increased the prices of some of its flat products by Rs 1,500 a tonne in line with the rising international prices.
“We have raised the prices of our flat products (used in manufacturing automobiles and white goods) by Rs 1,500 a tonne in line with the rising international prices,” SAIL spokesperson R K Singhal told FE.
Flat steel products mainly constitute of hot-rolled coils (HRC), which is a base product used for manufacturing various downstream products like cold rolled steel and galvanised products.
With the latest hike in prices the ex-factory price of the product is Rs 29,000 per tonne.
Though no other steel producer announced hike in prices on Wednesday, analysts said that a hike is on the cards.
Earlier, the country’s largest private sector steel manufacturer Tata Steel had also hinted at a marginal price hike in its products in view of the increased demand in the automobile and infrastructure sector. “If the demand is good, if the economy improves… then there is a chance of prices marginally going up,” Tata Steel managing director B Muthuraman had said.
The company had increased the prices of its flat products in select spot markets by Rs 500 to Rs 1,000 a tonne in the first week of August. The company had also increased rates of its long products in April-May by Rs 1,000 a tonne and had hiked prices of some of its products in June by Rs 500 to Rs 750 a tonne.