Mining News Pro - Vizag Steel (RINL) - state owned steel maker under the Ministry of Steel and one of the largest long steel producer in India, has further increased its long steel prices by INR 500-1,000/MT (USD 7-15) and revised prices are applicable from 11th Sep’18, as per sources. Price to this the company had raised prices on 3rd Sep`18 by by INR 500-800/MT (USD 7-11).
According to Mining News Pro -Vizag Steel (RINL) - state owned steel maker under the Ministry of Steel and one of the largest long steel producer in India, has further increased its long steel prices by INR 500-1,000/MT (USD 7-15) and revised prices are applicable from 11th Sep’18, as per sources. Price to this the company had raised prices on 3rd Sep`18 by by INR 500-800/MT (USD 7-11).
As per market participants, the current prices hike in Rebar by INR 700/MT, Structures by INR 500/MT, Rounds by INR 700/MT, Wire rod by INR 500/MT & in Bloom by INR 1,000/MT. This is the second price rise by the company in September month.
The company has also increased prices in basic grade Pig iron by INR 1,000/MT for rest of Sep’18 deliveries and latest offers would be around INR 30,000/MT, ex-plant & excluding GST at 18%.
After consideration of price revised, Rebar prices will be offered by the large scale producers close to INR 43,500-44,000/MT ex- Chennai for the retail segment, Size - 12 mm & excluding GST at 18%.
The current price hike by the company attributes to sharp surge in prices by medium mills in last couple of months on revival in demand following end of monsoon season. Other major factors have sited are lesser inventories and increase in Semi finished steel prices.
RINL had reported saleable steel output at around 4.5 MnT in last fiscal 2017- 18 and targeting to achieve at 5.5 MnT in the current fiscal year. The company is also targeting to achieve the production capacity near to 6 MnT in FY 18-19.