Specialty steel major Mukand plans to raise the prices of its products by INR 2,000 to INR 3,000 per tonne in July.

Mr Rajesh Shah co CMD of Mukand said that "We plan to raise our prices in July by INR 2,000 to INR 3,000 per tonne.”

The company had earlier hiked the prices of its products by around INR 4,000 per tonne in April to May.

Mr Shah added that "Iron ore prices are up sharply. It is a matter of concern in fact the industry is seeking a stoppage of iron ore exports to bring down prices in the domestic market."

Mr Shah on the outlook for this fiscal FY11 said that things were looking good for the company and it expects to clock sales of INR 2,500 crore. He also said that "The outlook for this year is good and the demand for alloy steels in which we are a major player is high. We expect a sale of INR 2,500 crore this fiscal."

Mr Shah said the company would be upping its output of specialty alloys and stainless steel to 3,75,000 tonnes per annum this year 4,50,000 tonnes per annum in 2011 and to 500000 tonnes per annum in 2012. He added that the firm would also soon commission its 15MW power plant in Karnataka in its steel division which will help in reducing its cost of operations.

(Sourced from BS)