JSPL hikes steel prices by up to Rs 1,000/tonne for March

Jindal Steel and Power (JSPL) has increased prices of its products by up to Rs 1,000 per tonne for the current month, a top company official said.

For steel plates and coils, the company has increased the prices by about Rs 1,000 per tonne, while prices of its long products has gone up by about Rs 500 per tonne, JSPL's Deputy Managing Director and CEO-Steel Business V R Sharma told PTI.

"The prices of plates and coils were low because of the selling pressure and there were no margins. That's why we have corrected the prices," he said.

He further said that input costs have increased substantially in the last one month due to $20 per tonne increase in coking coal rates internationally, realignment in fuel prices and its resultant impact on freight charges.

"So we had to correct the prices, it can not be kept low for long," Sharma said.

The Naveen Jindal-led company currently has a total steel production capacity of 3 million tonnes per annum (MTPA) at its Raigarh plant in Chhattisgarh. Of this, it produces 2 MT long products like TMT bars and saria, while its flat production capacity is 1 MT.

For the October-December quarter, the company had reported nearly 13% in its consolidated net profit at Rs 867 crore and a marginal growth of 7.55% in net sales at Rs 4,684 crore.