The domestic steel manufacturers have increased the price of hot rolled coils and TMT bars by up to Rs 5000 per tonne. Domestic manufacturers have raised steel prices as supply chains disrupted due to the Russia- Ukraine crisis. According to industry sources, steel prices have been hiked in the past few days and are likely to rise further in the coming weeks as the Russia- Ukraine military conflict deepens, PTI reported.
According to the news, sources said on Friday that after the change in prices, the price of HRC (Hot Rolled Coils) has reached Rs 66,000 per tonne. Similarly, the price of TMT bars is around Rs 65,000 per tonne. A steel company official said that the prices of steel have increased by about 20 percent from a few weeks ago.
Impact on raw material cost
When asked about Russia- Ukraine impact on domestic sectors including steel, Tata Steel Managing Director and CEO TV Narendran said that both Russia and Ukraine are suppliers of raw materials. The ongoing military crisis between these two countries will affect supply and demand dynamics, raw material costs and the overall global economy.