As a result of the continuing Russia-Ukraine crisis, domestic steel companies have increased the price of hot-rolled coil (HRC) and TMT bars by up to Rs 5,000 per tonne. According to industry sources, prices have risen in recent days and are projected to rise even more in the coming weeks as the crisis between the two countries worsens.
Due to supply chain bottlenecks caused by the Russia-Ukraine conflict, steel prices have climbed to Rs 5,000 per tonne.
Domestic steel companies have increased the price of hot-rolled coil (HRC) and TMT bars by up to Rs 5,000 per tonne as a result of the ongoing Russia-Ukraine situation. Prices have climbed in recent days, according to industry sources, and are expected to rise considerably more in the coming weeks as the crisis between the two countries intensifies.
Imports provide 85 percent of India’s coking coal needs, a vital steel-making raw material. While Australia remains the primary buyer, South Africa, Canada, and the United States supply a portion of the demand.
When asked about the conflict’s impact on local industries, particularly steel, T V Narendran, CEO and MD of Tata Steel, said, “Russia and Ukraine are both steel producers and exporters, as well as suppliers of raw materials such as coking coal and natural gas. The current Russia-Ukraine situation will have an influence on supply-demand dynamics, input costs, and the global economy as a whole.”
“We are regularly watching the evolving scenario and have contingency plans in place to guarantee our customers and stakeholders remain unaffected,” added Narendran, who is also a member of the global industry group the World Steel Association.
HRC and TMT bars are utilised in consumer-friendly industries like automobiles, appliances, and construction, as well as real estate.
Steel is a raw ingredient for these industries, therefore a rise in steel costs is certain to affect the pricing of houses, vehicles, and consumer products, according to one expert.
An e-mail enquiry submitted to JSPL, AMNS India, SAIL, and RINL went unanswered, while JSW Steel declined to comment.
Steel is an iron alloy with a few tenths of a percent of carbon added to improve strength and fracture resistance when compared to other types of iron. There could be a variety of other elements present or added. Corrosion and oxidation-resistant stainless steels often require an additional 11 percent chromium. Steel is utilized in structures, infrastructure, tools, ships, trains, cars, machineries, electrical appliances, and weapons due to its great tensile strength and low cost.
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