Influenced by the global steel market, Indian major steel producers have raised their steel ex-factory prices by 750 rupees/ton since February 1. This is the first time that domestic steel companies in India have increased their steel prices since October last year after four months.
According to JSW Steel Company, before the steel price adjustment, the domestic steel price in India varied from 42,000 rupees to 44,000 rupees per ton according to the product. After this price adjustment, the price of all steel products has risen by about 750 rupees/ton.
Globally, the price of iron ore, an important raw material for steelmaking, has risen, leading to a stronger steel price. The global steel price rise of $40 per ton has prompted domestic steel producers in India to raise their prices in the domestic market, although domestic iron ore prices in India are still relatively weak compared with global iron ore prices. Due to the decline of China's steel production, the global steel price trend has been quite strong in recent years.
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