The domestic prices of steel products have been increased by Rs. 3,000 per ton as the market reacts to the overall rise in raw material costs and the massive increase in gas prices.
According to JS Global, retail prices now stand in the range of Rs. 268,000-274,000 per ton, effective from 28 November 2023.
Notably, steel rebar prices have seen a cumulative uptick of Rs. 12,000 per ton from Rs. 259,000-264,000 on October 31 to Rs. 266,000-272,000 today.
The upside risks to today’s increase in steel prices could be any unexpected disruptions in the procurement of raw materials and further slumps in the rupee/dollar rate.
The rupee/$ fell 3rd day in a row on Monday and continues to trade in the 285-286 range today (Tuesday) after peaking at 285 in the previous session.