As per the statement by a top company executive, Tata Steel is likely to increase price of some grades of steel products in September. The company is taking this step due to heavy demand of steel in the market by various steel consuming sectors.

Mr. B Muthuraman, MD of TATA Steel, said, “If the demand is good, if the economy improves...then there is a chance of prices marginally going up. Demand is picking up. I believe that as far as India is concerned it is in good shape. The sectors which are witnessing increase in demand are auto and infrastructure. The large infrastructure projects including the government projects are in full swing.”

Tata Steel is also looking forward to increase its production of skin panels from 50,000 tones per annum to 1, 00,000 tones by the end of ongoing financial year. The company is in talks with Toyota Car Company to supply high-grade steel skin panels for its manufacturing of small car project.

The company had increased prices of its flat products in selected markets by INR 500 to INR 1,000 a tonne in the first week of August. Before that, the company had also increased rates of its long products in April to May by INR 1,000 a tonne and had also hiked prices of some of its products in June by INR 500 to INR 750 a tonne.