• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Ambarish Mukherjee

New Delhi, June 23 Steel prices have shot up sharply following increase in fuel prices.

Though there was an upward trend visible in the main spot markets across the country since the beginning of this month, the increase became steeper after fuel price hike was announced on June 5.

Prices of various products went up in the range of Rs 2,000 per tonne to Rs 5,000 per tonne. In percentage terms, the price hike has been in the range of 5 to 11 per cent.

According to industry sources, during the first few days of the month, the market was almost flat.

After the diesel price hike on June 5, prices started moving up.

Prices rose marginally in the first three days and on June 9, pig iron was Rs 34,500 per tonne (Rs 34,000 on June 2), rounds were quoted at Rs 44,500 per tonne (Rs 43,500), tor steel sold at Rs 48,300 (Rs 47,300), while hot rolled coil (HRC) was at Rs 47,200 per tonne (Rs 46,000).

But then the price spurted during the second week and hot rolled coil prices surged ahead to cross the Rs 50,000-mark for the first time in 2008 with basic 2 mm hot rolled coil being quoted at Rs 51,000 per tonne on June 16 in Delhi, industry sources pointed out.

More Stories on : Steel | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
1st bio-diesel shipment from Kakinada today

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line