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Indian steel mills to hike steel prices next week citing higher coking coal prices-The 18th China(Guangzhou ) Int’l Casting product Exhibition
9/29/2016 casting expo |
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Business Standard reported that Indian primary steel makers, including Essar Steel, Jindal Steel & Power Limited, JSW Steel and Steel Authority of India, are eying further hike in steel prices for October sales on the back of increased coking coal prices, after massive hikes since August beginning. The companies are still to decide on a quantum of hike and are expected to do so by early next week.
Mr Ravi Uppal CEO of Jindal Steel & Power told Business Standard that "Current product pricing scenario is unable to support our costs and hence a price hike is inevitable in October. At prevailing products prices, steel companies will continue to post negative result.”
Mr Jayant Acharya director commercial at JSW Steel said that "Coking prices have risen significantly since the last couple of months and so we will have to pass on the cost of production hike to customers.”
The BS report quoted a Essar Steel source as saying that "We will be raising product prices in line with market and with the kind of cost escalations we cannot afford to under price our products anymore.”
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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