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Steel producers to effect another price hike - Views on News from Equitymaster
 
 
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  • Oct 12, 1999

    Steel producers to effect another price hike

    According to newspaper reports, steel makers have decided to increase the prices of hot rolled coils (HRC) by Rs 500 Rs 750 per tonne. The decision to hike prices has been taken in view of the increasing demand in global (including India) markets. The steel makers had effected a price hike of Rs 1,000 per tonne earlier this month.

    The global demand scenario for steel has improved considerably with the Southeast Asian and Japanese economies having staged domestic economic recoveries. Added to this is the demand from the US, which continues to be robust, and the Euro economies. Significantly, domestic demand, too, has taken an upturn, especially since March 1999.

    The current scenario of a surge in demand and prices is likely to bring much relief to steel companies, which have seen their bottomlines eroded over the last three fiscal years. The economic slowdown, which lasted for nearly three years, had led to a glut in domestic steel supply. It was made worse by the slowdown in the global economy after the Southeast asian crises, followed by the Brazilian and Russian meltdowns. With excess capacity in the global markets, steel prices collapsed, as large players resorted to dumping in order to keep their capacities utilised.

    If the current trend were to persist, domestic steel companies would be able to substantially improve their profitability as they benefit from a surge in demand and prices.

     

     

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