Steel, iron ore prices on a roll

Steel Insights Bureau

Steel makers have regained pricing power. Even as production levels have now touched pre-Covid levels, demand has continued to surge, both within and outside the country allowing them to continuously raise prices.

In August prices went up by around Rs 3,000 a ton, and upward trend continues in September with prices going up by another Rs 3,000 since the beginning of the month.

International scenario is favourable with higher export prices while forging, auto, demands improved in domestic market.

Iron ore prices have also continued to surge, giving steel makers another reason to up their price tags.

Taking a cue from the domestic as well as global markets, state-owned NMDC on Aug 11 hiked rates of iron ore by Rs 300 to Rs 2,950 a ton. The last revision, effective July 31, fixed the price of lumps at Rs 2,650 per ton.

Since July 31, NMDC has raised prices thrice with lump prices now touching Rs 3,250/- per ton after the latest hike on September 5, from a level of Rs 2650 a ton at the beginning of August.

Trend in internationl and domesic steel prices