Steel firms to hike qtrly contract prices after downward revision earlier
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Tata Steel, JSW Steel and AM/NS India supply about 90 percent of the steel production needed by car companies. Contract prices are generally based on the previous quarter's price movements
Steel companies will increase their quarterly contract prices for the automotive sector after a downward revision from July to September.
Tata Steel, JSW Steel, ArcelorMittal Nippon Steel India (AM/NS India) and other manufacturers are signing contracts with OEMs for the period October to December. Some companies have entered into contracts.
The quarterly contracts for October to December are earmarked for an upward revision for the industrial and automotive sectors, said Jayant Acharya, joint managing director and CEO of JSW Steel. “Some are closed, the rest are in the process of closing.”
First print: December 4, 2023 | 1:30 p.m IST