According to Mr Ankit Miglani director commercial of Uttam Galva Steels Limited, UGSL has raised prices of its galvanized steel products by INR 2,250 per tonne and cold rolled steel product prices by INR 1,000 per tonne. These price hikes have been in phases since April.

Mr Miglani told television channel NDTV Profit earlier that "We are strictly converters. We are just passing on whatever increases we have had in the downstream products, which is why we are forced to hike prices."

He said that with the sharp movement in zinc prices along with the restriction on imports of hot rolled coil and the 25% jump in duty structure expected next week, raw material prices have surged significantly.

(Sourced from Reuters)