Leading domestic steel makers have hiked the prices of hot-rolled coils (HRC) and cold-rolled coils (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively, industry sources said on Thursday.
After the price revision, a tonne of HRC will cost Rs 70,000-71,000, while buyers will get CRC at Rs 83,000-84,000 per tonne.
The price revision has been made in the last two days, the sources said.
HRC and CRC are flat steel used in the auto, appliances and construction industries. Hence, any rise in the prices will impact the prices of vehicles, consumer goods and cost of construction as steel is a raw material for these sectors.
A SAIL official said “it is market-driven”.
While JSW Steel declined to comment, a JSPL official said “Global steel prices have moved up owing to a spike in the cost of raw materials. Indian iron ore has gone up by Rs 4,000/tonne which is also pushing up steel prices higher.”