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Indian steel mills see room for more price hikes

After raising prices by five to six per cent in January, steel mills plan to do so by another INR 2,500-3,000 a tonne in February, to bridge the gap between domestically produced and landed cost of imported steel, besides other cost pressures. The report quoted Mr Jayant Acharya, director (commercial) at JSW Steel as saying that “Imported steel continues to remain costlier by INR 2,500-3,000 a tonne. There is a room for a steel price increase of this much to pass on the raw material price hike to consumers.”
Prices of other raw materials have also risen significantly in the past six months. After a rally in April 2017, prices of coking coal plunged towards end-May but then bounced back starting June. It is up 73 per cent to USD 269 a tonne at present in the Australian benchmark. Other raw materials such as refractory and graphite electrodes have seen similar price spikes in six months
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