Steel Rod Price
In the year 2022, we witnessed a huge spike in the price of 16mm steel bars in Indian cities like Pune and Hyderabad. There was an upswing in the rate of steel which reached around 70.11 INR per kilogram when compared to the previous year. This considerable uptick in the cost of steel is presumed to be due to an increase in demand for Indian iron ore by China.
The steel construction products in our country are molded by several dynamic factors that trigger periodic fluctuations. Builders, contractors, stakeholders, and those individuals who are planning new projects should gain a deep insight into the factors that are responsible for the increase in Steel Rod Price which are discussed below:
• Price of the raw materials:--
The global variations in the rate of raw materials such as scrap metals and iron ore have a drastic impact on the Steel Rod Price. Changes in international market trends, geopolitical events, and mining regulations are responsible for the sudden increase in the price of scrap metals and iron ore.
• Global Supply and Demand:---
India has attained a remarkable stature in the global street market. Frequent shifts in the global demand and supply for steel are determined by infrastructure development and construction activities. Alterations in tariff and international trade policies contribute to price volatility.
• Transportation costs are a major concern which have a drastic impact on the rates of steel rods. It might vary based on the connectivity of an area. Even Govt. taxation policies hold a crucial role in price variation.
• Exchange rates of a currency:--
As steel is a globally traded material, the exchange rates of the Indian rupee and the US dollar play a crucial role in ascertaining the prices of steel. Variations in currency exchange rates have a huge impact on the prices of raw materials.
Listed below are the prices of steel rods across various regions:--
• Gujarat:--
The price of steel exclusive of GST is INR 53000. On the other hand, steel price including GST is INR 62540 respectively.
• Tamil Nadu: --
Price of steel in the absence of GST is Rs. 52800 and including GST is Rs 62304 respectively.
• Delhi:---
Price of steel excluding GST is Rs.51500. Steel price which include GST is Rs. 60770 respectively. There is a huge demand for steel rods as outbreak of Covid-19 affected the supply chain. Therefore, if you intend to design a house in this region, getting familiar with its latest price is essential.
• West Bengal:---
The price of steel in this state excluding and including GST is INR47700 and INR56286 respectively.
• Mumbai:---
The estimated rate of steel rods in this region is capped at INR793 per unit.
Conclusion
Steel is a durable material that is essential for various construction projects. However, its rates might differ based on the region and brand. So, you need to pay close attention to latest prices enabling you to make informed decisions and ensure best value for the money invested.