Jindal Steel & Power Ltd. said it will again hike steel prices by Rs 2,000 a tonne in the coming few weeks to offset rising input costs.
“The steel plants have been doing okay, but not so well that they can absorb prices,” NA Ansari, chief executive officer (steel business) of JSPL, told BloombergQuint. “The coking coal prices have to be passed on.” This, he said, will be the second time the company hikes prices. The company previously raised prices by Rs 2,000 a tonne.
Higher prices of iron ore and coal have led to a Rs 3,500-4,000 per tonne increase in the cost of steel production, Ansari said, adding domestic prices of hot-rolled coil—predominant finished steel form—are trading at a 10-year high, rising 20 percent year-on-year.
JSPL, however, is not the only one to raise prices. Steel Authority of India Ltd. increased prices twice in the last 30 days. Read More