India's largest steel maker Steel Authority of India Ltd., or SAIL, has announced another price increase for both long and flat products for March, due to rising demand, reports said.
The prices of long products, such as TMT bars, have been increased by Rs.500 to Rs.1,000 per tonne.
This is the second such hike in maximum recommended retail price (MRRP) inclusive of VAT in the past three months. Earlier, the company had increased prices in October 2011, after a long gap of around 10 months.
In Delhi, the MRRP of 8 mm TMT bar has been increased to Rs.51,100 tonne, up from Rs.50,100 a tonne in January. In Kalamboli, a key market in Maharashtra, the MRRP for SAIL's TMT including a 3 percent Octroi stands at Rs.52,600 (Rs.52,100 in January).
Similarly, the 0.5 mm galvanised coil sheet produced in Bhilai Steel Plant has now been priced at Rs.56,700/tonne in Delhi, compared to Rs.56,100 in February. The price of such sheet in Kalamboli now stands at Rs.63,200 (Rs.62,600 in Feb).
Last month, Chairman C.S. Verma had foreseen a brisk demand for steel products in the current quarter on rebound in demand from sectors such as construction and infrastructure. Such pick up in demand was also attributed to the rush to meet targets on various Government projects during the March quarter, the last quarter of the terminal year of 11th Five-Year Plan.
At the BSE, Steel Authority of India shares are currently trading at Rs.92.20, down by 0.32 percent from the previous close.
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