Rising raw material cost pushes steel prices to fresh record highs

Raw material prices had been on the rise, but since Russia waged war on Ukraine, prices surged.

The surge in raw material prices prompted major steel companies to increase prices in April after two successive months of hikes.

JSW Steel, ArcelorMittal Nippon Steel India (AM/NS India), and Jindal Steel & Power (JSPL) are among the top private sector steelmakers that have increased prices of hot rolled coil (HRC) — a benchmark for flat steel — by Rs 4,000-5,000 a tonne.

JSW Steel and JSPL, which are into long products, have increased rebar prices by Rs 2,250-3,000 a tonne, respectively.

The data from SteelMint shows the price of HRC after the increase stands at Rs 79,000-79,500 a tonne for JSW Steel