Steel set to get costlier by 10-20% for auto manufacturers amid recovery

Though steel companies had to wait to finalise prices, the wait may have proved advantageous for them. Prices have been on an upswing since the country started unlocking

Steel is set to become costlier by 10-20 per cent for auto manufacturers as steel producers conclude contracts with them.

JSW Steel has already finalised some contracts and some are still in the pipeline. The company's Joint Managing Director and group Chief Financial Officer, Seshagiri Rao, said, prices would ne reset from October 1. “The average of the last six months will be the price for the coming months,” he said, while indicating a price increase of 10-15 per cent.

Tata Steel has concluded contracts with most auto companies and has increased prices by 15-20 per cent. While AM/NS India