Uttam Galva Steels Limited, a manufacturer of value-added steel, today announced that it has decided to increase the prices of its galvanised steel products by Rs 2000 per tonne. The price hike is effective immediately.
In a statement, the company said an increase in prices of HR coil by integrated steel producers for the domestic market has necessitated the price hike in galvanised steel.
Tata Steel recently increased spot prices of hot-rolled (HR) products by Rs 500-1,000 a tonne as did Steel Authority of India limited (SAIL).
In the past three-four weeks, steel and base metal prices have surged on the back of encouraging corporate results in the US.
The rise in metal prices is also going to end the party for companies that have been making high profits on the back of low raw material cost.
