SAIL has increased steel product prices in the range of Rs 4,000-4,500 per ton since the announcement of MIP, company sources told ISMW.
Meanwhile, spot prices for hot rolled coil (HRC) in the Indian domestic market have risen by at least Rs 2,000 ($30) week-on-week, sources said.
Some of the primary producers have already intimated their customers that the new prices would be effective from March 1, while others are expected to follow suit shortly, sources said.
The first round of increase in a long while was initiated on February 4, a day before the government imposed a minimum import price (MIP).
On February 5, the government had imposed an MIP of $341-$752 a ton on certain steel items, with the aim of halting cheaper imports that had landed the industry in dire straits. Between September and February, steel prices had dropped by around Rs 8,000 a ton, ex-plant. Capacity utilisation had dropped from around 80% to 72% and despite a safeguard duty of 20%.