JSW Steel has raised prices by up to Rs 1,200 per tonne or up to 2%, across the board for February. The company has increased the prices due to rise in input costs and increasing international rates of steel.
Freight rates for carrying the ore from mine to steel plant have also been rising in recent times and together with low quality ore available in Karnataka market, the costs on sourcing iron ore have risen by about Rs 9,000 per tonne. Moreover, depreciation in Indian rupee against dollar and price differential between international and domestic rates of steel products were also the factors behind the increase.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
