Steel set to get costlier by 10-20% for auto manufacturers amid recovery

Though steel companies had to wait to finalise prices, the wait may have proved advantageous for them. Prices have been on an upswing since the country started unlocking

Topics
iron and steel industry | Auto makers | JSW steel

Ishita Ayan Dutt & Aditi Divekar  |  Kolkata/Mumbai 

Steel is set to become costlier by 10-20 per cent for auto manufacturers as steel producers conclude contracts with them. JSW Steel has already finalised some contracts and some are still in the pipeline.

The company's Joint Managing Director and group Chief Financial Officer, Seshagiri Rao, said, prices would ne reset from October 1. “The average of the last six months will be the price for the coming months,” he said, while indicating a price increase of 10-15 per cent. Tata Steel has concluded contracts with most auto companies and has increased prices by 15-20 ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 29 2020. 15:41 IST
RECOMMENDED FOR YOU
.