Jindal Steel and Power Limited (JSPL) has imposed a 7-8% increase in March price, compared to the February price.

The price adjustment includes hot-rolled coils, TMT bars, structural steel, and the prices of long and flat products due to soaring energy costs (including Australian coking coal) and sea freight rates in the past few weeks, caused by Russia’s invasion of Ukraine.

V.R. Sharma, Managing Director of JSPL, said that international coking coal price has increased by US$100/ton, and steam coal price has increased by US$80/ton within two to three weeks.

In the meantime, Australian coking coal, which JSPL depends on, has surged by over 42% in a month.

The Managing Director also mentioned that mill has adjusted for an Rs5,000 per ton increase since March, thereby passing the additional production cost due to surging energy costs. Therefore, there is no direct impact incurred because of energy costs.