RINL raises prices by up to Rs 1,000 per tonne

Attributes the hike to increase in railway freight and other input costs

State-owned Rashtriya Ispat Nigam Ltd (RINL) has raised prices of its products by up to Rs 1,000 per tonne from this month.

The Vizag-based firm, which mainly produces products for use in the construction sector, attributed the hike to increase in railway freight and other input costs.

RINL has raised the price of TMT bars by Rs 500-1,000 a tonne. It has also hiked the price of wire rods by Rs 350-450 per tonne and other products such as rounds, structurals and semis by Rs 300-700 a tonne.

"The increase is due to hike in railway freight and other input costs. Though Railways increased the freight with effect from June 26, RINL increased the prices with effect from July 1, there by reducing the burden on customers by 4 days," it said in the statement.

In one of the biggest hikes, the cash-strapped railways recently raised passenger fares by 14.2% for all classes and increased freight rates by 6.5% to garner Rs 8,000 crore annually through the pre-budget decision.

Steel makers generally raise prices in tandem. However, it is learnt that private sector firms are yet to decide on the quantum of the hike.