Select steel stocks today moved on reports that companies have raised prices for HR products for the month of October.
Major steel stocks had been falling for the last one month on reports that there would be no major price hikes in the steel products. The shares of SAIL, which announced a price hike in HR coils, failed to react today but shares of private sector steel major TISCO moved up.
Leading steel companies like SAIL, Essar Steel Ltd and Tata Steel have hiked the prices of hot rolled products by about Rs 500 per tonnes effective October 1st. Steel companies had last hiked prices of hot rolled products in the month of August. Currently the prices of hot rolled coils are estimated at between Rs 17,000 to Rs 17,500 per tonne.
Steel Authority of India (SAIL) has fallen by 26.13 per cent in the last one month. Today it ended the day at Rs 6.40, marginally lower over its Wednesday
