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JSW Steel rolls over prices of Neosteel 500-D bars in June

Wednesday, Jun 10, 2020

 

By Nikita Periwal

 

MUMBAI – JSW Steel Ltd has rolled over the prices of its Neosteel 500-D bars this month, trade sources told Cogencis. The prices are at their highest level in more than a year. 

 

After the sharp slump in demand for steel in April because of the nationwide lockdown imposed to contain the coronavirus pandemic, conditions have eased in May as restrictions have been relaxed in several areas.

 

The demand for steel, however, remains tepid because the shortage of labour has put many projects on hold. The Street is, in fact, expecting most large steelmakers to offer discounts in order to boost volumes.   

 

Prices of the bars sold by the company are in the range of 277-4,287 rupees per piece depending on their thickness, up nearly 7% compared with their levels at the end of 2019.

 

Thermo-mechanically treated bars are part of the company's long products' portfolio. They account for 24-30% of the company's sales volume and 20-40% of its sales value. These bars are primarily used in the construction of bridges, airports and buildings.

 

JSW Steel, one of the largest steel producers in the country, usually revises prices of its products in the first few days of the month.

 

At 1327 IST, its shares were up 0.4% at 189.30 rupees on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Charumathi Sankaran

 

Cogencis Tel +91 (22) 6619-0000

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This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2020. All rights reserved.

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