Rashtriya Ispat Nigam Limited (RINL), corporate entity of Visakhapatnam Steel Plant, has increased prices of all its products by Rs.800 to Rs.1,000 per tonne.
RINL sources told The Hindu on Thursday that increase in freight charges and input cost had forced the Navaratna company to jack up the prices. Other players in the industry had already increased their prices.
Another factor, which forced RINL to go for hefty increase is the fact it is the only major steel producer without captive iron ore mines. In fact, RINL is spending more than all other steel producers in the country in sourcing the raw material.
Following pressure from various quarters, there is a talk that the Centre as well as the Andhra Pradesh government might consider RINL's applications for grant of iron ore mines.