Steelmakers are going to increase steel prices once again. The price of hot rolled coils (HRC) can increase by Rs 4,000 per ton.
Steam prices almost doubled in 4 months
In view of the increase in steel prices from April 1, the metal shares were seen on Tuesday. According to media reports, steelmakers are going to increase steel prices once again. The price of hot rolled coils (HRC) can increase by Rs 4,000 per ton. Let us know that the prices of steel had increased by Rs 2,500 per tonne in November last year. After this there was an increase of Rs 1,500 per ton.
Steam prices almost doubled in 4 months
In a span of only four months, steel prices almost doubled from Rs 45,000 in November 2020 to Rs 72,000 in March 2021. From April 1, steel prices are expected to rise by Rs 4,000.
Metal shares rise
Metal stocks rose on Tuesday on the rise in steel prices. The Nifty Metal Index gained 2.66 percent. Among metal stocks, SAIL, JSW Steel, Tata Steel, Jindal Steel and APL Apollo stock rose 3 to 4 percent. At the same time, stocks of manganese minor MOIL rose by more than 7 percent.
Unconfirmed reports state that steel mills are negotiating with auto manufacturers to raise higher prices in their Bianuel Steel contract. Meanwhile, they are demanding an increase in steel prices due to the boom in the hot rolled coil (HRC) market globally.
The difference between supply and demand is the second quarter of FY20. After the closure due to the epidemic, the mills are struggling with technical problems and increasing order backlog.
What will be the effect on you?
People will be affected by the cost of steel being expensive. Home and car will become expensive. Products made of steel will become expensive. According to the report, the cost of houses will increase by 70 to 80 rupees per square foot due to steel being expensive. At the same time, the price of the car will increase.
From April 1, auto companies are also increasing the price of their vehicles. This is also the effect of expensive steel.
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