Domestic steel makers start new year with price hike

Rise in coking coal prices, a key raw material for manufacturing alloy, reason for the decision

With demand for steel not so strong in the domestic market, primary producers of the alloy are planning to pass on only a part of the Rs 6,000-per-tonne hike planned in early December.

The unprecedented rise in international coking coal prices, a key raw material used in the making of steel, had prompted steel producers to mull over a steep hike for January.

"A combination of market appetite to absorb the hike and cost push will decide product price increase for January and this is not going to be anywhere close to Rs 6,000 per tonne," Jayant Acharya, director (commercial & marketing)