Steel Prices Rise 5% on Higher Export Queries, Improved Domestic Demand

Steel prices have witnessed a 5 per cent rise, sequentially, in the second week of February, with the price of bench-mark hot rolled coils (HRCs) being at around ₹59,700 per tonne. Prices have been increased by ₹2,900 over the last one month.

The February price hikes came, after two similar ones were initiated in January, following a pick up in export orders and queries across markets such as Europe, UAE and Vietnam; better domestic demand because of restocking; and higher raw material prices. Imported steel prices too have moved up making them unviable.