Steel firms hike prices by up to Rs 3,500 a tonne on input cost pressure

Analysts say coking coal prices more than tripled in the past five months to $390-400 a tonne in October

Steel companies have raised prices by Rs 2,000-Rs 3,500 a tonne this month on the back of input cost pressure.

After a reprieve between July and September, domestic steel prices started rising in October with an increase of Rs 1,200-1,500 a tonne in the first week for hot rolled coil (HRC), a benchmark for flat steel. Long steel prices rose by about Rs 3,000 a tonne.

Flat steel is typically used in automobiles and domestic appliances and long steel primarily for construction and railways.

Some of the major steel producers, however, indicated that there were two rounds of increase last