Steel companies are preparing to increase prices by 800-1,000 yen ($ 5.85-7.31) per ton to 64,000 yen/ton in March after a sharp increase in the cost of raw materials. The hike comes after a 500 yen/ton ($3.66/ton) hike implemented this month with strong demand in both domestic and foreign markets.
On the cost front, NMDC increased the price of iron ore powder (64 percent Fe) to ₹3,910 ($28.60) per ton in February, and ₹3,410 ($24.94) per ton in January, while the price of lump iron ore ($24.94) 65.5 Fe) increased from ₹4,300 ($31.45) to ₹4,400 ($32.18) per ton in the same period. Coking coal prices bound for Australia increased $346 per ton, reaching a seven-month high.
Coking coal prices have increased by 70% from the level of $ 230 per ton last August after an increase in energy costs caused by Russia's invasion of Ukraine.
The CEO of a steel company said, “Steel demand in the domestic market came from both the infrastructure and real estate sectors in a strong state, despite the increase in interest rates. The automobile sector may see a slight slowdown, but the orders received indicate a positive situation."
Comments
No comment yet.