How Indian Steel Prices Increased in Last 3 Months

Indian steel prices have increased sharply in last last quarter (Oct-Dec'17) on various factors like

1. Increasing exports from India.
2. Rising raw material cost.
3. Lower steel imports.
4. Rising prices in global market.
5. Closure of some major mines in Odisha.
6. Price hike by NMDC.
7. Rising coking coal and ferro alloy prices.

Large steel mills (which generally reviews prices on monthly or bi-monthly basis) have raised their offers for both longs and flats by around INR 1,000-2,000/MT (USD 16 - 32) this week.

Since October, large steel producers have raised long steel prices by INR 5,000-6,000/MT, whereas medium producers have raised prices by INR 6,000-7,000/MT.

Wire rod prices have noticed a sharp jump owing to lower imports after government imposed quality control order on imports of wire rod.

Flat steel prices increased by INR 1,000- 2,000/MT in Jan'18 and since Oct'17 by INR 4,000-4,500/MT (USD 63-71).

Indian Large Mills Prices on Monthly Average basis