Steel Price Hike: – Economic Times Hindi

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New Delhi: Weakness in the price of steel continues for the last 5 months. The price of steel is decreasing every week. For the first time in the current financial year, steel makers are planning to increase the price. It is understood that at this time the price of steel is at its lowest level. ArcelorMittal Nippon Steel India has increased the price of steel by Rs 500-1000 per tonne. People related to this matter have given this information. Companies like JSW Steel, Tata Steel and Jindal Steel & Power can also increase their steel prices this week.

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Steel traders and market experts believe that only last week, steel makers started indicating that increasing steel prices has become their compulsion. Steel companies have decided to increase the price of steel at a time when their margins are being affected due to rising cost and lower steel prices.

T V Narendran, Managing Director, Tata Steel said, “I feel that steel prices have been at a very low level for some time now and in this situation many steel companies cannot continue their operations. There is a lot of pressure from India, so she is not seeing any option but to increase the price of steel.”

In the first week of April, the price of Hot Rolled Steel Coil in Mumbai was at a price of ₹ 78800 ton, which has now come down to the level of 55500. Steel prices are still very high as compared to ₹ 40000 per ton in the year 2019.

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