Hit by rising costs, steel companies may go for price hike in June

Companies planning to hike prices of flat steel prices by Rs 750-1,000 a tonne

A cost push might lead to a rise in prices of flat steel products next month, say companies in the sector.

“Iron ore prices are up by Rs 450 a tonne and coking coal by about 5 per cent over the last couple of months. There will be some impact on pricing,” said a primary steel producer. 

Mining companies raised ore prices by Rs 400-600 a tonne in February. Seaborne prices have been rallying due to a supply disruption in Brazil, a major producer. In the past two months, global iron ore prices have moved up by around $20 a tonne to