Steel prices up on global demand

Sep 02, 2010 |

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Sept. 2: JSW Steel and Ispat Industries have raised prices this month citing firm global rates and rising input costs. State-run Steel Authority of India has cut discount by Rs 1,000 a tonne on flat products. JSW Steel, India’s No. 3 producer, has raised prices by 3-4 per cent on higher international prices and input cost, effective September 1, director Mr Jayant Acharya said.

“We had reduced prices in June. July and August it was mostly stable and now in September we have raised prices as costs have gone up. Our prices are linked to international prices and they are going up,” he said.

Ispat Industries raised prices by Rs 1,000 per tonne to maintain import parity as “Indian prices are still much lower,” Mr Vinod Garg, executive director, said. Uttam Galva Steels, in which Arcelor Mittal holds 33.8 per cent stake, will contemplate a price revision on Monday while Tata Steel will take a decision later in the day, company officials said on Thursday.

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