SteelMint, a portal that tracks steel prices, said JSW Steel has increased rates by Rs 4,000-4,500 per tonne for April‘21 delivery. The current price stands at around Rs 57,500-58,000 per tonne for hot rolled coil (HRC) and Rs 68,500 – 69,000 per tonne for cold rolled coil (CRC). Reports said ArcelorMittal Nippon Steel India and SAIL have also hiked prices by Rs 4,000 per tonne.
This is the first price hike in FY22 but an expected one as prices in global markets have rallied on demand outstripping supply. Steel mills have been battling with orders which they have been unable to fulfill.
At 2.15 pm, JSW Steel was up 11.76 per cent at Rs 628.40.
followed with 7.48 per cent jump. Tata Steel, SAIL, Hindalco, NMDC, MOIL, National Aluminium were among other stocks that rallied 3-7 per cent.
Rising commodity prices may have lifted the fate of related stocks but it has increased the worries of policymakers.
RBI Governor Shaktikanta Das said a combination of high international commodity prices and logistics costs may push up input price pressures across manufacturing and services. It also accentuates the downside risks to economic growth rate.