JSW Steel, the largest steel maker in India has announced to raise its steel prices by 2% due to higher iron ore prices.
It's known that the company increased the steel prices by Rs750/ton to Rs41, 250/ton averagely.
Industry sources indicated that JSW Steel has purchased iron ore at higher prices because of the suspension of mining activities in Karnataka, Goa and Orissa states.
Meanwhile, JSW Steel is operating its works at capacity rare nearly 70%. The company has suffered from the shortage of iron ore over the past a year.