Rashtriya Ispat Nigam Limited (RINL) or Vizag Steel has revised steel prices for August deliveries. The company has increased prices across all finished steel products by Rs500-1,000/mt ($7-14/mt).
As per Davis Index sources, RINL has increased prices of rebar by Rs800/mt, wire rod by Rs1,000/mt and, rounds and structural products by Rs500/mt each for August. In early July, the company had offered discount to boost sales, the source added.
Following price hike by primary mills, rebar prices are now at around Rs38,000-38,500/mt ex -Mumbai (GST extra).
Almost all primary steel players including JSW steel have already increased finished steel prices for August deliveries due to rise in iron ore prices and demand recovery in the domestic market, mostly the rural market.
Moreover, majority of the steel mills have increase their capacity utilization to 80-85pc since July.
In the international market, iron ore prices crossed over to $115/mt cfr China driven by healthy demand of finished steel products from China, which is why state-owned NMDC has also increased iron prices by Rs200/mt with effect from July 31 2020.
RINL produces long products and caters to the construction, manufacturing and automobile sectors. RINL has an installed capacity to produced 7.3mn mt steel per annum.