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India: Vizag Steel Increases Long Steel Prices by INR 1,000/MT (USD 14)
Date: 20-01-2020 00:00:00

Southern India based state owned large mill Vizag Steel (RINL) has raised finish long steel prices by INR 1,000/MT w.e.f today i.e. 13th Jan'20 following hike in offers announced by other primary mills. This is the second price hike announced from RINL amid low inventories amid improved inquiries and higher offers through the other renowned brands. The prime factor behind the price hike is cited, strengthening prices among competitors and the narrowing price gap between large and medium scale mills. Also announcement for allocation of funds from the government has also supported price hike as these will ultimately improve construction & steel consumption as well. As per SteelMint's assessment, in a month's duration rebar prices by medium/small scale mills have surged by INR 3,000-5,000/MT so far in Jan'20 against Dec'19. Further, the current rebar offers through the large scale mill assessed at around INR 38,000/MT, Ex Chennai stockyard (Size 12 mm), Grade ISI 500 D, excluding GST 18%, as per trade source. As per reports, few real estate known players have heard to have reached on settlement situation instead of arbitration where steel consumption mull on regular level under NIP (National Infrastructure Pipeline) and developing pipeline projects require private investment through IIG (India Investment Grid) as well as NIIF (National Investment & Infrastructure Fund) which is backed by the government to provide long term capital to infrastructure sector.

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