ManagementUttam Galva hikes prices by Rs 3,000 a tonne
Secondary steel maker Uttam Galva Steels today hiked prices of its products by Rs 3,000 a tonne citing increase in its input cost and firming global demand trend.
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"The raw material prices have gone up in past month and a half. The Hot-rolled Coil (HRC) prices have gone up by $60 a tonne and zinc prices have surged by few hundred dollars. So we have just passed on the cost pressure to the consumers," Uttam Galva Director (Commercial) Ankit Miglani said.
The Rs 3,000 a tonne hike in prices is effective from today, a company statement added.
The company buys HRC from domestic as well as global integrated steel producers and uses zinc to produce galvanised steel products.
Global steel prices have gone up by $50-100 a tonne in past two months on the back of improvement in demand and rise in input cost which saw domestic producers like JSW Steel hiking prices of their products by up to Rs 2,000 a tonne.
For the remaining part of this fiscal, Uttam Galva is optimistic about demand growth for its products in the domestic as well as international markets.
"Demand has started rising. Construction activities have started. We see flat to positive demand growth globally by the end of this current fiscal as against the year-ago period," Miglani said.