Flat steel prices up 5% in spot market

Leading steelmakers have increased prices of flat steel sold in the spot market by up to 5% in September, owing to robust demand in the domestic market and escalating metal prices in the international market. The move will impact major flat steel consuming sectors, such as auto and auto components besides consumer durables.The country's largest steel producer, Steel Authority of India (SAIL), has increased flat steel prices by up to Rs 1,500/ton, and so have Tata and Ispat. Essar and JSW are yet to decide on the final prices, but will follow the market. The price of long products, used primarily for construction, has, however, remain unchanged.This is the fourth consecutive month of hike in metal prices. Last month, steel makers increased flat steel prices by 3% and slashed long products prices by 5% to keep abreast with the global market. Prior to the current month's increase, basic flat steel grade was selling between Rs 31,000- 32,000/ton in the domestic market, which is at par with the landed price of imports.Cheap Nike Air Max 2017 For Online Sale