Rising raw material prices are putting Indian steel prices under pressure and the country’s big steel companies are currently looking at putting up prices.
Iron ore prices have surged to $142 a tonne for exports to China and onlookers suggest that export prices are a good indicator of prices to be charged domestically. Meanwhile coking coal contract prices look set to be renegotiated with prices as much as 70-80 per cent higher than last year.
Last month India increased its export duty on iron ore from 0 to 5 per cent for iron ore powder and from 5 per cent to 10 per cent for iron ore lumps.
JSW Steel are said to be looking at making a decision in the next couple of days, while Bhushan Steel are looking at price increases of around Rs1000 a tonne.
US steelmakers are said to have raised prices by around $50 (Rs2300) a tonne after increases in raw material prices.
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