Following imposition of a minimum import price (MIP) on a range of steel products last week, leading domestic primary steel producers of India such as JSW Steel, Essar Steel and Jindal Steel & Power have raised product prices by up to four per cent effective Monday (February 8). Some of these companies have hinted at gradual but marginal price hike going forward.
“We have raised prices by less than 4 per cent in the retail segment for both flat as well as long steel products from Monday,” Seshagiri Rao, managing director and group chief financial officer at Sajjan Jindal-led JSW Steel told Business Standard on Thursday. “Since we are in long-term contracts with OEM (Original Equipment Manufacturers), it’s not possible to raise prices for these customers,” he added.
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