Tata Steel ups galvanised product tags

Tata Steel today hiked its galvanised steel products spot price by Rs 2,000 a tonne. The company hiked prices of cold-rolled products by Rs 1,400 per tonne while those of hot-rolled coils were increased by Rs 1,200 per tonne.

The company spokesperson said the long-term contracts, which account for 80 per cent of the supplies, have been untouched.

The steel major's announcement comes almost a week after most of the other domestic steel producers raised their carbon steel and galvanised steel prices by 5-7 per cent.

The move is aimed at maintaining the profit margin which was otherwise under squeeze due to the rising input costs. The price of zinc, an integral raw material of galvanised steel, has been continuously rising since the beginning of the year.

Most of the players, including Essar Steel, JSW Steel, Ispat Industries and Uttam Galva raised the prices in the range of Rs 1,500 to Rs 2,000 per tonne.

JSW Steel has hiked the price of HR coils by Rs 1,750 per tonne and that of galvanised products by Rs 2,000 per tonne.

In line with the international trend, we have decided to increase the price both for HR coils and galvanised products. Zinc, one of the basic raw materials for galvanised steel, too continues its upward climb without respite on the LME," said MVS Seshagiri Rao, director - finance, JSW Steel.

Essar had increased HR coil and galvanised products prices by Rs 1,500-1,700 per tonne in tandem with the international trend.

Ispat Industries raised its HR prices by Rs 1,750 per tonne and galvanised steel prices by Rs 2,000 per tonne.

International prices of galvanised steel have gone up dramatically to $580 per tonne which is an all-time high. With the price hike, the manufacturers are passing on the additional cost to customers.

Uttam Galva Steels increase galvanised steel prices by Rs 2,000 per tonne.