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Buoyed by rising demand from the construction sector, Steel Authority of India (SAIL) has jacked up the prices of long products by up to Rs 3,000 a tonne with effect from February 1.
The company has increased the prices of TMT bars by Rs 2,500 per tonne to Rs 40,000 a tonne. Prices of angles have also been raised by 3,000 per tonne to Rs 37,500 a tonne. At the same time, channels now cost Rs 37,500 per tonne from 35,000 a tonne earlier.
TMT bars, angels and channels are used in construction sector, mainly for civil jobs. Construction activity in the country has now gathered pace following the onset of winter.
SAIL, has however, kept the prices unchanged for hot-rolled and cold-rolled coils and galvanised sheets as well. Meanwhile, a couple of steel manufacturers have also increased the prices of flat products from the beginning of the current month.
The state-run company had last effected the price hike in May 2011. It did not tweak with the prices since then mainly due to the subdued market conditions in the wake of poor demand for the metal.
During the first eight months of the current fiscal, the demand for steel in the country rose just above 4 per cent. Steel makers were pinning hopes on the elapse of the monsoon season for the revival of demand to pick-up.
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