Steel prices hiked by Rs 5,000 a tonne on global rally, iron ore rises too

The last time steel price rose was in Jan when it touched an all-time high. But it came off those highs as China moved into the new year holiday season on pressure from end users in domestic market

After a pause, prices of steel and iron ore are on the rise. Steel companies have increased prices by up to Rs 5,000 a tonne beginning April while state-owned iron ore producer, NMDC has hiked prices of lump ore by Rs 500 a tonne.

Steel producers said that prices of hot rolled coil – a benchmark for flat steel (used in automobile, domestic appliances and construction) – have been increased by Rs 4,500-5,000 a tonne; prices of long steel (used in infrastructure and construction) have increased by up to Rs 3,000 a tonne.

Post-increase, the price of HRC is at Rs