Steel majors such as Steel Authority of India (SAIL) and Tata Steel has hiked prices by up to Rs 2,000 a tonne on the back of the excise duty hike and uptick in demand of late. Tata Steel has increased prices of long steel products-- used mainly in the construction and infrastructure sectors-- by 1,000 a tonne and that of flat steel products--used mainly by the whitegoods industry--by about Rs 2,000 a tonne.
The country's largest steel maker SAIL increased prices of its products by up to Rs 600 a tonne to pass on the excise duty burden to consumers, a trend to be followed by its industry peers like JSW Steel, Essar Steel. The price increase of about Rs 500-600 a tonne is due to the excise duty hike announced in the current union budget. The price increase is effective from March 1.crackcrack
