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Our Bureau

To keep pace with rising HR prices globally

Mumbai , May 3

Steel companies have once again raised prices primarily to keep pace with rising HR and zinc prices.

JSW Steel Ltd, Essar Steel, Uttam Galva and AML Steel said they have increased prices of steel products by around Rs 1,500-2,000 per tonne.

There was no word on price increases by steel majors, Tata Steel and SAIL.

JSW Steel Ltd announced a hike in the price of HR coils by Rs 1,750 per tonne. It also raised prices of galvanised products by Rs 2,000 per tonne.

Essar Steel said it has increased prices of hot rolled coils by 5-7 per cent, the company's spokesperson said.

Uttam Galva Steels Ltd, a galvanised steel manufacturer, raised prices of GC products by Rs 2,000 per tonne, the company's director, Mr Ankit Miglani, said. The company would take a decision to hike prices of HR and other steel prices in a week's time, he said.

Chennai-based AML Steel, also hiked prices by Rs 2,000 per tonne. The company said it has raised prices keeping in line with the global upturn in the alloy's prices.

The sustained upward movement of HR prices internationally has prompted Indian steel companies to mark up their prices. Zinc prices have also been quite strong in the global market. Zinc is used as an anti-corrosive coating material for galvanised steel.

JSW, quoting its director finance, Mr M.V.S. Seshagiri Rao, said it has increased prices keeping in line with the international trend. "Also zinc continues its upward climb without respite on the LME," it said.

Related Stories:
Tata hikes prices of hot rolled coils
JSW Steel hikes price
Steel majors raise prices

More Stories on : Metals | Steel

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