- 22 Dec, 2009 
The Indian Long Product Price Index ILPPI went up by 361 points or 5.7% to reach 6662 on December 21st 2009 as compared to previous week close of 6301 on December 18th 2009.

This surge, in a matter of 3 days, including Saturday and Sunday, should probably be the biggest surge Indian long product market would have seen in a long time.

The gain, in last 3 days, is seen across all categories of long products
PI – TMT – Up b 5.9%
PI - WRC – Up b 5.8%
PI - Angle – Up b 5.4%
PI - Channel – Up b 5.5%
PI - Joist – Up b 5.5%
PI – Product Index

Changes in prices, in last 3 days, are as under
Steel scrap – INR 500 per tonne to INR 1421 per tonne
Sponge iron – INR 733 per tonne to INR 1500 per tonne
Pencil ingot – INR 533 per tonne to INR 2700 per tonne
TMT – INR 1040 per tonne to INR 2600 per tonne

This unprecedented hike has put Indian steel majors in quandary as their prices have come under or become equal as compared to prices of secondary sector. In line with our report of yesterday, we have learnt that steel majors have increased prices of long products by INR 500 per tonne to INR 1000 per tonne on week opening.