Steel prices likely to go up again from July 1 on high input cost: JSPL MD

After back-to-back downward corrections, are expected to rise from July due to high input costs, an industry executive said on Wednesday.

“While price is at Rs 17,000 a tonne, prices by Odisha Mineral Corporation are still high. It is the main supplier of in Odisha,” Managing Director V R Sharma told PTI on the sidelines of an event organised by the Indian Chamber of Commerce here.

“The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by (primary players) mainly on account of higher input costs,” he said.

Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days, Sharma said.

There are various other factors building pressure on steel makers, Sharma said, adding there are issues with the availability of . Rakes are also not available for the supply of as most of them have been diverted for power sector.

Steel players use as raw material to make steel and coal to feed their captive power plants.

According to SteelMint, prices of hot rolled coil (HRC) are ruling in the range of Rs 59,000-60,000 a tonne from its peak in May at Rs 76,000/tonne.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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