AM/NS India settles contracts with major auto OEMs at 8-9% price hike

Steel accounts for about 8-9 per cent of the selling price of a car, according to steel industry sources

ArcelorMittal Nippon Steel India (AM/NS India) has settled contracts with major auto companies for the July-September period with an 8-9 per cent hike in prices, passing on a part of the runaway steel prices to the end-user.

“We have settled for the July-September quarter with most of the auto OEMs (original equipment manufacturers) and are also reverting to six-monthly contracts. So, we have also concluded contracts for H2FY22 (second half of financial year 2021-22),” said Ranjan Dhar, chief marketing officer, AM/NS India.

“The increase will be in two parts, approximately 8-9 per cent in each period. The first settlement period is for