India: JSW Hikes Finished Steel Price for October

According to Mining News Pro -SteelMint learnt from market sources that the major steelmaker JSW Steel has announce increase in HRC & CRC prices today by INR 1400-1500/MT (USD 19-21/MT). In anticipation of improved demand in domestic market in upcoming festive season and high cost of imports on currency depreciation have supported price hike in flat steel. Another reason cited for price surge was increased raw material cost.

Meanwhile another major steel company - Tata Steel announced hike in HRC & CRC prices by INR 1200/MT for the month of October. However Govt owned SAIL (Steel Authority of India Limited) and private steel maker - Essar Steel are likely to follow the suit and raise prices shortly by INR 1000-1500/MT for the month of October.

After price hike, offers from major manufacturers, HRC (2.5-8 mm) price is heard around INR 47,500/MT and CRC ( 0.9 mm ) at INR 53,000-53,500/MT. The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis for Mumbai region.

Meanwhile by the end of  last week NMDC (National Mineral Development) has increased iron ore prices by around INR 200/MT in fines and INR 300/MT for lumps from its Chhattisgarh mines on 26 Sept.This was the second time miner has raised iron ore prices within a month.

Also devaluation of rupee against USD has resulted to costlier imports.Thus  in turn leads to steep hike in flat steel prices in domestic market.

However last week traders in domestic market have already increased HRC & CRC prices by INR 500-1000/MT in anticipation of price hike by major Indian steel manufacturers in beginning of October.

JSW Steel increases rebar prices for October-Company has also increased its rebar prices by INR 1,500/MT (USD 21) w.e.f from today.

After recent price hike,Rebar prices ( 12 mm) will be offered by large players at around INR 44,500-45,000/MT (ex-Mumbai)  & excluding 18% GST.

In the month of Sep’18, major steel producers had increased rebar prices by INR 1,500-2,000/MT.