+
Domestic steel prices hit record high
Steel

Domestic steel prices hit record high

Domestic steel prices have reached a record high, adversely impacting costs of the automobile and consumer durables sector as demand resurges from the impact of Covid-19.

Hot-rolled coil prices, which is an important indicator of flat steel price trends, have risen to their highest-ever of Rs 58,000 per tonne on average, as major steel players adjusted their dealer prices.

Major consumers of flat steel, automobile and consumer durables, announced that this elevation in steel prices would directly result in increased rates of their final products. Prices of passenger vehicles, commercial vehicles and farm equipment are likely to increase 1-4% this month and that of consumer appliances such as televisions, refrigerators and washing machines could rise by as much as 10%.

Steel producers increased prices gradually over the last 15 weeks. Local steel prices move hand in hand with the global average, which is influenced by the demand from China.

The Chinese government’s decision to pump in $550 billion into their economy in order to revive it, has inflated the nation’s need for steel at a time when steel exporting nations such as Japan and South Korea have pulled back on production. This mismatch in demand and supply has sent global steel prices to an all time high.

Union Minister Nitin Gadkari, has written to the Prime Minister’s Office (PMO) expressing his concerns and requesting the PM’s interference for the same. As reported previously, contrasting Gadkari’s address to the PM, the Indian Steel Association (ISA) had also written to the PM justifying the price hike.

Also Read: Steel prices hiked again

Also Read: Steel prices rise 55% in 6 months, minister seeks PM’s intervention

Also Read: Steel prices cross past peak of 2018


Make in Steel 2021

24 February 

Click for event info

Domestic steel prices have reached a record high, adversely impacting costs of the automobile and consumer durables sector as demand resurges from the impact of Covid-19. Hot-rolled coil prices, which is an important indicator of flat steel price trends, have risen to their highest-ever of Rs 58,000 per tonne on average, as major steel players adjusted their dealer prices. Major consumers of flat steel, automobile and consumer durables, announced that this elevation in steel prices would directly result in increased rates of their final products. Prices of passenger vehicles, commercial vehicles and farm equipment are likely to increase 1-4% this month and that of consumer appliances such as televisions, refrigerators and washing machines could rise by as much as 10%. Steel producers increased prices gradually over the last 15 weeks. Local steel prices move hand in hand with the global average, which is influenced by the demand from China. The Chinese government’s decision to pump in $550 billion into their economy in order to revive it, has inflated the nation’s need for steel at a time when steel exporting nations such as Japan and South Korea have pulled back on production. This mismatch in demand and supply has sent global steel prices to an all time high. Union Minister Nitin Gadkari, has written to the Prime Minister’s Office (PMO) expressing his concerns and requesting the PM’s interference for the same. As reported previously, contrasting Gadkari’s address to the PM, the Indian Steel Association (ISA) had also written to the PM justifying the price hike. Also Read: Steel prices hiked again Also Read: Steel prices rise 55% in 6 months, minister seeks PM’s intervention Also Read: Steel prices cross past peak of 2018Make in Steel 202124 February Click for event info

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?