SAIL likely to hike steel prices again, say sources

Steel Authority of India Ltd (SAIL) is likely to raise steel prices again by around Rs 1,000 per tonne in the coming weeks, Business Today Television (BTTV) has learnt from sources.

The proposed hike is expected to cover both flat and long steel products.

SAIL had raised prices of flat products by Rs 1,100 per tonne last week, sources said.

The latest proposed increase is being attributed to higher input costs and stronger demand following the monsoon season.

Meanwhile, the Nifty Metal sub-index was trading in the red on Monday even as the broader domestic equity benchmarks moved higher.

Shares of APL Apollo Tubes Ltd, Vedanta Ltd, National Aluminium Company Ltd (Nalco), JSW Steel Ltd, Jindal Stainless Ltd, Lloyds Metals and Energy Ltd, Tata Steel Ltd, Adani Enterprises Ltd, Hindalco Industries Ltd and Hindustan Zinc Ltd declined by up to 3.66 per cent at last check.

The company has not yet made an official announcement regarding the latest proposed hike.

Steel prices are closely watched by producers and downstream industries, given their impact on input costs and demand across sectors such as construction, infrastructure and automobiles.