Steel producers in India increased prices by Rs1,000-1,500/mt ($13.95-20.93/mt), across products, in January 2020. The Davis index for ingots, ex Mandi Gobindgarh was at Rs32,650/mt ($455.45/mt) on Thursday, from Rs31,250/mt($435.86/mt) on Dec 26, 2019.
Rising demand from infrastructure projects along with increased raw material prices drove the prices for steel higher.
Steel prices in the global markets have risen by $60-70/mt in Nov, 2019, which has impacted the Indian markets. At least 10 steel makers, including Sail and JSW, have increased prices.
In November 2019, the industry hiked steel prices by Rs500-750/mt, for the first time in the fiscal year 2019-20.
Prices went up again in December 2019 by Rs750-1,000/mt.
National Mineral Development Corporation (NMDC), too, revised its prices for iron ore on Jan 2.
The price for lump ore 65.6pc, 6-40mm, was Rs2,800/mt, up from Rs2,600/mt on Nov 14, 2019.
The price for fines 64pc,10mm, was Rs2,560/mt, up from Rs2,360/mt on Nov 14, 2019.
($1=Rs71.66)