Steel price rise set to make white goods, cars expensive

Mumbai : With JSW Steel in talks with its long-term customers to revise prices upwards, other steelmakers are also preparing for a hike in steel prices. However, this doesn't bode well with the car and white goods buyers as the companies are set to pass on the hike to the consumers.

Steel is used in most appliances including refrigerators, washing machines, air conditioners and microwaves. Most manufacturers enter into long-term contracts with steel makers. An increase in contract prices comes as an additional cost push for consumer durable makers who are already grappling with a depreciating rupee.