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NEW DELHI: Shares of steelmakers went bonkers on Thursday after another round of price hike. JSW Steel led the rally rising as much as 13 per cent. Nifty Metal jumped nearly 5 per cent.
SteelMint, a portal that tracks steel prices, said JSW Steel has increased rates by Rs 4,000-4,500 per tonne for April‘21 delivery. The current price stands at around Rs 57,500-58,000 per tonne for hot rolled coil (HRC) and Rs 68,500 - 69,000 per tonne for cold rolled coil (CRC). Reports said ArcelorMittal Nippon Steel India and SAIL have also hiked prices by Rs 4,000 per tonne.
This is the first price hike in FY22 but an expected one as prices in global markets have rallied on demand outstripping supply. Steel mills have been battling with orders which they have been unable to fulfill.
After a pause, prices of steel and iron ore are on the rise. Steel companies have increased prices by up to Rs 5,000 a tonne beginning April while state-owned iron ore producer, NMDC has hiked prices of lump ore by Rs 500 a tonne. Steel producers said that prices of hot rolled coil – a benchmark for flat steel (used in automobile, domestic appliances and construction) – have been increased by Rs 4,500-5,000 a tonne; prices of long steel (used in infrastructure and construction) have increased by up to Rs 3,000 a tonne. Post-increase, the price of HRC is at Rs 57,600; in longs, TMT is at Rs 52,500. The increase in steel prices is led by a surge in global prices.
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