Steel makers may hike prices in Sep

Steel makers may hike prices in Sep

Mumbai: Indian steel makers are considering a price hike in September after global prices rallied in the past month, and a decision would be taken in a couple of days, industry officials said.

“People are sending out feelers in the market, today being the first. There is practicality in price hike but it is not frozen yet," Ankit Miglani, director-commercial of Uttam Galva Steels, said.

“Internationally, there have been movements in the past two months. We are just trying to see if there is scope for a revision," Jayant Acharya, president of sales and marketing of JSW Steel, said.

Secondary steel maker Uttam Galva, which makes cold-rolled and value-added products, had raised galavanised steel prices by Rs4,000 a tonne in August.

JSW Steel raised prices of flat products, used in automobiles and white goods, by 2-3% last month.

Prices could rise Rs1,000-3,000 in September helping maintain a parity between domestic and international prices, Miglani said.

Global hot-rolled coil prices including import duty, freight and other costs, averaged around $620 a tonne compared with $600-$610 in India, a spokesman of Ispat Industries said.

Chinese spot steel prices rose to a 10-month high in early August, but has dropped nearly 6.5% since.

However, secondary steel maker Bhushan Steel is still waiting to hear from the hot-rolled coil makers about any price hikes, Nittin Johari, chief financial officer said.