Following price hike of Rs 500 per tonne by Steel Authority of India Ltd, other private producers on Monday announced hike in prices of hot rolled coils by the same amount.
When contacted Essar steel spokesperson said that prices of HR coil have been increased by Rs 500 a tonne with effect from January 1.
The new prices would be in the range of Rs 28,000 per tonne to Rs 29,000 a tonne. Sources in Ispat also confirmed the price increase.
According to them contracted coking coal prices have gone up by 2.2 times for the year 2005 to $125 dollar from $58 last year.
Tata Steel officials could not be contacted for comments. Even Chinese companies have indicated up to 25 per cent jump in coal prices, they said adding that present hike is steel prices was necessary in view of all round hike in prices of inputs both in domestic and overseas markets.
SAIL officials noted they had last revised steel prices downward by Rs 1,000 a tonne in August 2004.
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