Rise in Steel Prices.

After a long span of time, the international steel prices have started rising with a long pace leaving the domestic prices of steel far behind. The international price for hot rolled steel rose to $440 per tonne from $400 per tone. This price has easily reached to $500 per tonne after 15 % import duty payable on the above price, many times. Following such rise in international steel prices the domestic prices have also hiked to 18,000 to 23,000. This sudden rise in steel prices globally is due to scarcity in iron ore, steel scrap and coke. A huge global concern has been witnessed for the price hike and immediate measures have started initiating from different countries to reduce the prices.