Steel prices hiked again

05 Jan 2021 Editorial Team

Jindal Steel & Power (JSPL) has increased prices by Rs 1,000 to Rs 1,500 a tonne. VR Sharma, Managing Director, told media sources that the market is good, but prices would stabilise if National Mineral Development Corporation (NMDC) kept its iron ore prices at a stagnant level.

The rise in the market was seen when JSPL released their production numbers, and the company recorded its highest ever production and sales in December 2020. Other leading producers are also expected to come out with their numbers after NMDC declares their move on the prices.

Steel prices have seen continuous growth since the unlock, proving that the industry is recovering well from the pandemic.

However, this is worrisome for the user industry. Concerns have been raised by the raw materials industry as well.

Indian Steel Association (ISA) has already written to the Prime Minister’s Office (PMO) explaining their reasons for the steel prices hike. Primary among them were that international prices had moved from a bottom of $397 a tonne to $750 a tonne due to temporary shortage in global supplies and a shortage of iron ore, a key input material. The association also highlighted the concern of the industry regarding evacuation challenges with respect to iron ore and mentioned that iron ore export competes with the movement for domestic use. The ISA has requested for a six-month ban on the export of iron ore till the situation stabilises.

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

Image Source

Surrounding all the issues of the steel prices hike, some companies have further increased the prices by Rs 1,000 to Rs 2,400 a tonne and have indicated more hikes in the coming weeks. A leading producer said that the price could go up to Rs 6,000 per tonne in the near future. Jindal Steel & Power (JSPL) has increased prices by Rs 1,000 to Rs 1,500 a tonne. VR Sharma, Managing Director, told media sources that the market is good, but prices would stabilise if National Mineral Development Corporation (NMDC) kept its iron ore prices at a stagnant level. The rise in the market was seen when JSPL released their production numbers, and the company recorded its highest ever production and sales in December 2020. Other leading producers are also expected to come out with their numbers after NMDC declares their move on the prices. Steel prices have seen continuous growth since the unlock, proving that the industry is recovering well from the pandemic. However, this is worrisome for the user industry. Concerns have been raised by the raw materials industry as well. Indian Steel Association (ISA) has already written to the Prime Minister’s Office (PMO) explaining their reasons for the steel prices hike. Primary among them were that international prices had moved from a bottom of $397 a tonne to $750 a tonne due to temporary shortage in global supplies and a shortage of iron ore, a key input material. The association also highlighted the concern of the industry regarding evacuation challenges with respect to iron ore and mentioned that iron ore export competes with the movement for domestic use. The ISA has requested for a six-month ban on the export of iron ore till the situation stabilises. Also Read: Steel prices rise 55% in 6 months, minister seeks PM’s interventionImage Source

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..