STEEL PLAYERS INCREASE PRICES BY ~ RS 1,000-1,500/TONNE FOR OCTOBER SALES
News:
Steel prices in the domestic market have started increasing, signalling that prices may have bottomed out. As per media sources, the list price of hot rolled coil (HRC) has been increased by major steel mills ~ Rs 1,000-1,500 per tonne for October sales. Prices had already started firming up marginally from the second half of September.
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Steel prices have increased on the back of rising costs and demand pick-up. Rupee depreciation has elevated the costs of coking coal, gas and also increased the landed price of steel imports. Furthermore, steel prices have seen an uptick in the international market, which augurs well for the domestic market. Also, during H1FY23, steel demand is up ~11% YoY, albeit on a lower base.
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