Price hike expectation props Tata Steel

DALAL STREET SPIKES

Tata Steel was in limelight and witnessed aggressive buying on the back of rumours that steel makers are expected to hike prices across all product categories by Rs 2,000 per tonne.

As a result, the stock hit a high of Rs 416.95 before closing at Rs 416.10 with volumes accounting for more than 68 lakh share at the BSE. According to market talks, the first round of Rs 500 per tonne could be as early as end of this week.

Domestic steel prices are on the rise largely because of increasing input costs, said steel analysts and expect steel prices to firm up further in the future, with estimates that hot-rolled coil prices in the medium term will stay above $280 per tonne.