InvestorQ : Why have steel companies raised prices all over again?
Dawn Cherian made post

Why have steel companies raised prices all over again?

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Mitali Bhutta answered.
8 months ago
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Good times continue for steel companies as they increased prices by up to Rs.5,000 per tonne with iron ore prices hiked by Rs.500 per tonne. In terms of specific steel categories, HRCs used in automobiles increased by Rs.4500-5000 per tonne while longs used in infrastructure were up by nearly Rs.3000 per tonne.

Led by China, there has been a global surge in steel demand as world economies get back to repair mode. For Indian steel companies, the sweet spot is that domestic and global demand are robust leading to higher steel prices. However, Indian hot-rolled coil prices are lower by than global prices by at least Rs.11,000 per tonne, leaving more scope for price spikes.

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