steel prices

Automakers are bracing for significant cost hikes as raw material prices, including steel, metals, and plastics, have surged dramatically. This escalation, driven by global events and increased demand for key components, is expected to squeeze profit margins and potentially dampen vehicle sales in the coming months.

The district consumes around 1.2 lakh 19 kg cylinders every month, including 60,000 for fabrication, laser cutting, powder coating and textile processing, 45,000 for foundry and aluminium units, and 15,000 for food processing.

The measures announced by the government to cool down prices of key items and certain industrial commodities have caused a sharp fall in steel prices. The steps have also led to a marginal drop in the wholesale price of edible oils such as soya oil, sunflower oil and palm oil that soared due to restrictions imposed by Indonesia, which has lifted some curbs.

The forging industry has sought the intervention of the Prime Minister's Office to save them from another crisis arising from the steep rise in steel prices which has hit the already pandemic-ravaged sector hard.

Icra on Friday said it expects steel prices to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends. The rating agency also expects the steel demand in the domestic market to grow at 7-8 per cent in the current financial year, making the country the fastest-growing large steel markets globally this year.

Hinting at a possible price revision by the industry, Tata Steel MD B Muthuraman on Wednesday said the current steel prices are not sustainable as raw material rates continue to spiral.

Domestic steel prices have hit a five-year low, with HRC at Rs 47,150 and rebar between Rs 46,500-47,000 per tonne. This decline is driven by rising imports, weak export demand, and global oversupply. Despite government measures, India remains a net steel importer, prompting discussions on policy support.

correction in steel prices is likely soon on the back of softening trend in global markets, steel minister Ram Vilas Paswan said.

Alarmed over the 25% rise in steel prices during the last three months, the government will go all out to contain the prices.

Steel minister Ram Vilas Paswan on Thursday said his ministry is monitoring steel prices and necessary steps would be taken if it is found that prices have risen more than the input costs.

MUMBAI: In line with global trend, domestic hot rolled (HR) steel prices are again set to rise by Rs 1,500 per tonne to Rs 26,000 levels by March.

With the steel prices going up significantly and the cement manufacturers hinting at upcoming price hikes soon, the builders are demanding the government to interfere.

After oil companies, it's now the turn of steel firms to hike prices. steel prices are expected to go up between Rs 600 and Rs 1000 per tonne with effect from June 1, the first such hike this year.