Stock of steel companies run up on hint of price hike

During lunch hours on Friday, the stock of steel companies were buzzing and trading up by around 3.50 to 4 per cent in anticipation of price hike for HRC.

Markets is abuzz that steel companies will hike prices for Hotel Rolled Coils (HRC), said a leading news outlet. Prices may go up by Rs. 500 to 1000 per tonne. Although global demand for steel has remained under pressure, demand from infrastructure sector and import restrictions have kept the domestic market upbeat.

Also, in response to the Trump administration's import tariff on steel, the Indian government registered a complaint against the US with the World Trade organization on Wednesday. Earlier in March, the US government imposed a 25 per cent duty on steel imports to the US.

Reacting to this news, at 13:33 hours, the stock of Tata Steel was trading at Rs. 568.65 per share, up by 3.69 per cent, SAIL was at Rs. 72.75 per share, up 4.00 per cent, JSW Steel was at Rs. 323.20, up 3.08 per cent.  

Meanwhile, on the last trading day of the week, the benchmark indices were also upbeat, with BSE Sensex trading up by 225.73 points or 0.65 per cent at 34,888.84 and Nifty50 was at 10,600.40, up by 86.55 points or 0.82 per cent on Friday.