PTI reported that Burdened with higher input costs, domestic steel makers are mulling increasing the price of the alloy next month in the range between INR 500 per tonne and INR 1,000 per tonne.

Industry sources said that we have been holding the prices for the last couple of months though input costs were going northward. There will be no holding of the price this time.

The report quoted a source as saying that “We will raise prices by INR 500 per tonne to INR 1,000 per tonne from August. Prices could go up for both long and flat products.”

During the last two months, the input costs used by steel makers have gone up with the rise in inputs. The price of iron ore and diesel have gone up. The rise in costs of coking coal and zinc is because of the duty hike in the Budget. Rail freight was also raised. All these have escalated pressure on us.