Steel prices up Rs 1,700 per tonne, another Rs 2,000 hike on the cards

Moody's expects India's steel consumption to grow at 5.5-6% annually over the next one-two years

Steel companies increased prices by nearly Rs 1,700 per tonne on Friday and another Rs 1,500-2,000 increase is on the cards. This comes against the backdrop of an increase in steel demand and a hike in iron ore prices. The price is now around Rs 44,000 per tonne, according to industry sources.

The price of hot rolled coil was Rs 46,000 per tonne in September. This was increased by Rs 800 a tonne in October, they added. Between November 2018 and January 2019, the prices dropped by nearly Rs 7,300 a tonne. During the same period, iron ore prices also fell.

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