Steel price may continue to increase

Mumbai : Tata Steel Vice-Chairman B Muthuraman recently told media that steel prices may further go up. He was talking to reporters during an event organized by CII. Upward trend is very likely, however, there is no exact percentage yet declared by steel major.

Muthuraman's statement came at a time when steel maker China Steel Corporation, Taiwan announced hike in steel prices in domestic markets. China Steel cited increased raw material cost as the reason for the increase in the prices. The same reason is cited by Tata Steel, here in India

Last month, it was predicted that despite increase in cost of steel from steel companies, demand won't see any effect. In fact, it is now estimated that steel demand may further increase. A big reason for increasing price of steel is ever increasing spot coking coal prices in Queensland.

So Tata Steel is also looking to hike steel prices to discount increasing raw material prices.