Tata Steel Ltd. (TATA), set to become the world's fifth-biggest steelmaker after agreeing to buy U.K.'s Corus Group Plc in January, increased prices for the first time this year to match global rates.
The price of hot-rolled steel, an industry benchmark, was raised today by 1,000 rupees ($22.5) a metric ton, or 4 percent, Deputy Managing Director T.K. Mukherjee said. Rates of rebars, used in construction, was raised by as much as 500 rupees a ton.
``Global demand has pushed prices higher,'' Mukherjee said by telephone from Mumbai.
Hot-rolled steel sold at an average 26,000 rupees a metric ton last month in the spot market.
It will raise prices of the 300-Series by as much as 10,000 rupees a ton to 210,000 rupees a ton, Managing Director Ratan Jindal said yesterday. Prices of the 200-Series will be raised by 2,000 rupees a ton.
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