CNBC-TV18 has learnt that the price rise that steel mills have been renegotiating with auto companies has been accepted. They are looking at a rise of approximately Rs 5,000-7,000 per tonne of steel. RV Gumaste, MD of Kirloskar Ferrous Industries discussed this and more with the channel.

Share Market Live

NSE

He said, "Castings prices moved up as all raw material prices had shot up. Accordingly, we have concluded price increases with most of our customers. There is still a lag and we will get another 2-3 percent hike from April 1."

"We have got between 3 and 4 percent price increase in the last quarter. From April 1, 2-3 percent would be passed on to customers," he added.

He said, "We are still lagging behind in terms of passing on the cost increase itself and we would be definitely trying to pass on the remaining cost increase from April 1."

To know more, watch the video.

(Edited by : Bivekananda Biswas)

First Published:Mar 1, 2021 4:09 PM IST