Steel firms hike prices by Rs 2,000 a tonne in 10 days on demand spike

Key players say market has bottomed out, hike also driven by higher iron ore, scrap costs

Steel companies have increased prices by about Rs 2,000 a tonne during the past 10 days, on the back of an increase in domestic demand and international prices, taking it to near-pre-Covid levels.

There have been two rounds of increase since the end of July. Industry sources said, in the two rounds that have happened, prices have increased by about Rs 2,000 a tonne.

Jindal Steel & Power Ltd (JSPL) managing director, V R Sharma, said that the market had bottomed out. "There have been two increases since the end of July. In the last two weeks, pellet and iron