India’s SAIL, Essar and Ispat, all steel majors, are all set to hike prices by 3-4% or Rs 1,000-1,500 per tonne in January in line with rising global prices.

In November, international steel prices had gone up over 5% following a
rise in demand. The price hike, which will be for steel products (both
long and flat) sold in the spot market, will increase the cost of
production for steel-consuming sectors such as automobiles, consumer
durables and construction.

Steel products are currently at Rs 32,000-34,000 per tonne in the
domestic market, marginally higher than the landed price of imported
steel.

Steel prices have risen $30-40 per tonne to $580 a tonne
internationally in the past month, which is a clear indication of steel
uptake. Also, demand for long steel products, which was subdued during
the monsoon, is on the rise and leading to price increase.

India’s largest steel producer SAIL plans to hike long product prices
by Rs 1,000-1,200 per tonne and flat steel products by Rs 700-1,000 a
tonne. This would be the second round of hike by SAIL in as many
months. SAIL and Tata Steel hiked prices of long and flat steel
products by up to Rs 2,000 per tonne a few days ago on the back of
rising demand.

Ispat, which only produces flat steel products, will increase prices by Rs 1,000-1,500 a tonne depending on the grade.

In October and November, domestic prices came down as rates in China,
the leading producer and consumer of steel, crashed to $450-500 per
tonne even as prices in other major international markets stabilised.
Anticipating growth in demand, Chinese steelmakers had hiked production
levels significantly in August which led to oversupply.

The revival in demand since then has absorbed the fresh steel stocks and China is witnessing a moderate rise in prices.

Source: Commodity Online

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