Indian state-owned steelmaker Rashtriya Ispat Nigam Limited (RINL) or Vizag steel announced a second price hike on Tuesday for rest of December deliveries as per Davis Index sources. The company raised rebar prices by Rs2,500/mt ($33.87/mt) and other finished long products including wire rod by around Rs2,000/mt ($27.1/mt). New prices will be effective Dec 8.
Following this hike, RINL’s rebar prices are at Rs48,500-49,000/mt ($657-664/mt) ex-works Vizag. Earlier in the month, RINL raised rebar prices by Rs3,000/mt and other long products including wire rod by Rs1,000-2,000/mt.
India’s primary steel producers have raised finished steel prices on global cue. Steel prices are rising amid higher iron ore prices in both international and domestic markets along with lower inventories. The successive price hike is also supported by a recovery in domestic demand and the company’s excellent sales performance since the start of this fiscal.
Major steel producer Sail announced sales of 1.39mn mt steel in November. The company showed sustained improvement with sales growth of 2.7pc in the Apr-Nov period, despite challenges faced by COVID-19 in the initial months when demand slumped leading to an inventory build-up.
RINL daily average hot metal production from three blast furnaces is around 17,000mt in the last 10 days.
($1=Rs73.8)