Companies planning to hike prices of flat steel prices by Rs 750-1,000 a tonne
Benchmark NSE Nifty50 index was up 11.05 points at 11,473.25 while the BSE Sensex was up 57.37 points at 38,152.44.
Domestic iron ore prices are likely to rise by three to four percent in 2019 on account of global supply glitch, rating agency Crisil said.
Export volumes are likely to stabilise however in FY2020, albeit at a lower level, with domestic steel production slated to grow at a higher rate of around 5.5-6%, supported by healthy domestic demand, the report added.
The spread between cold-rolled coil and HDG base prices to hot-rolled coil narrowed, with the daily Platts TSI HRC assessment remaining unchanged from Friday at USD 821.50/st.
Steel maker's decision stems from recent acquisitions of Bhushan Steel and speciality steel producer Usha Martin.
The total production of colour coated coil and sheet will reach 4 lakh tonnes per annum once the two new factories come into production.
The July-September quarter is typically a lean season for metal and mining companies, as construction activity comes to a standstill.
The steel industry, worth about $900 billion a year, is seen as a gauge of world economic health. Worldsteel represents more than 160 steelmakers.
Japan exported 1.7 million mt of steel to the US in 2017. JFE's share was 600,000 mt, or about 35% of all Japan's steel exports to the US.
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