Top Indian steel producers may hike rates in March

Mumbai, Mar 3 (KNN) The prominent Indian steel manufacturers are considering to raise prices of hot-rolled coils by Rs 1,000 to Rs 2,000 for March, reported ET.

People in know-how of the development told ET that the hike would take prices of HRCs to the Rs 60,000 to Rs 62,000 per tonne range.

Last month handful of large steel makers had hiked prices by Rs 500 to Rs 1,000 as well.

Price hikes in March are likely to be higher in companies that had not hiked prices in February, according to the sources reported by ET.

According to a report by Nomura the average prices of steel in February were around Rs 59,500 per tonne, about Rs 1,700 higher than the average price in January.

The March quarter is a seasonally strong period for domestic steel makers as infrastructure and construction activities pick up during this period.

It will be the first full quarter without the impact of these duties this fiscal year.  (KNN Bureau)