Steel TMT Prices Going Up. What It Means For Your Scrap Business.

The steel market is getting hot. In the last week, prices for steel TMT bars have gone up. This is because the materials used to make them, sponge iron and old steel scrap, have become more expensive.

Mills have no choice but to raise their prices.

This isn't because lots of new construction is happening, but because raw materials are more expensive. So, what should you do? Buy, sell, or wait?

What is Changing?

The main reason for the price rise is the cost of raw materials.

Sponge iron prices have gone up by ₹800 to ₹1,300 per tonne in one week. This is because coal, which is used to make sponge iron, is more expensive now.

Steel scrap prices have also increased. In markets like Mandi Gobindgarh and Ludhiana, good quality scrap is selling for more. Because of this, the mills that use scrap to make steel rods have had to increase their prices.

The Numbers You Should Know