Mr Beni Prasad Verma, the steel Minister of Indian Government held a meeting with senior ministry officials and chairman of the Steel Authority of India Limited (SAIL) in order to discuss the surged s steel prices in Indian domestic market.

The steelmakers have hiked the steel prices for Indian domestic market during the current fiscal year, in spite of decreased coking coal prices.

According to the statistics, the steel prices surged by 8.5% while the coking coal prices dropped by 30% in the current fiscal year. Though the iron ore prices soared by 13% during the first quarter through the third quarter but it fell by 3% in the fourth quarter.

The domestic prices of hot rolled coil (HRC) were INR3, 900 more than the landed costs of imported HRC. Also, the local long steel manufacturer’s new costs were INR4, 545/ton more than the imports.

SAIL explained that the higher excise duty resulted an impact of INR800~INR1, 000/ton and the rise in freight charges added another INR400~INR500/ton to the prices of steel products.