Posted 9/26/2023, 2:08:22 AM
Steel Prices Set to Rise Despite Stronger Rupee as Energy Costs Soar for Manufacturers
- Steel prices likely to increase by Rs10,000 per tonne despite stronger rupee and lower scrap prices
- Manufacturers cite rising energy costs as reason for potential price hike
- Steel sector heavily relies on electricity, which makes up over 50% of production expenses
- Tea packers increased prices in August due to weak rupee, but no indication of price reduction yet
- Importers say tea price adjustments take time as companies maintain 2-3 months inventory