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Domestic producers jack up HR coil prices - Views on News from Equitymaster
 
 
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  • Nov 4, 1999

    Domestic producers jack up HR coil prices

    According to newspaper reports, domestic steel makers Ispat, Essar and Jindal have increased the price of hot rolled coils by Rs 500 per tonne. The price hike was effected from the 1st of November 1999.

    The demand for steel in the international markets has been rising at a robust pace but the prices have not registered any significant gains. This is mainly due to the pressure of large surpluses that are floating in the markets. The Indian steel markets too have been witnessing a jump in volumes but there has been no commensurate growth in prices.


    Source: CMIE

    The hike in prices comes a day after the government reduced the floor prices for the import of steel, including hot rolled coils. The move will in all probability result in increased imports into the country, putting further pressure on steel prices.

    Whether the hike in prices is in response to market conditions or is it aimed at protecting margins, in view of increased costs of production, will be determined over the course of the next few weeks as domestic prices align with international prices (as the floor rates have been reduced).

     

     

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