Steel stocks are higher in trade. The street was bracing for a price hike at the start of May and that is what precisely has happened.

Most brokerages and JP Morgan have said that in May itself there was a price increase of nearly Rs 3,500-4,500 per tonne.

In April, prices went up by close to Rs 7,000 per tonne. In a matter of nearly 40 days odd, prices went up by more than Rs 10,000 per tonne.

CNBC-TV18’s Nigel D'Souza gets more details.

Watch this video for more.

(Edited by : Bivekananda Biswas)