Tata Group owned steel major, Tata Steel has hiked prices of hot rolled (HR) and cold rolled (CR) coils by Rs 500-750 per tonne following signs of recovery in the economy and increase in domestic demand of steel.

The first hike in hot roll category in last eight months was effective from the June contracts. The company has revised prices of CR and galvanized steel a month before.

Other steelmakers may follow the suit in days to come, as per market experts. Anil Sureka, director (finance), Ispat Industries, said, "We are not doing anything this month. Next month, we will take a call."

An Essar Steel spokesman also echoed similar views and said that it has been working out pricing issues.

Even Jayant Acharya, Director (sales & marketing), JSW Steel, said that the company would review prices for July contracts.

Meanwhile, the steel industry is waiting measures to be taken by government in the union budget to save the steel industry from impact of global slowdown.

Steel makers have been asking for hike in import duty on steel to 15 per cent in order to discourage import of steel and hence to propel demand in the country.

HR coil prices are currently ruling at$380 t0 $496 per tonne from their peak level of $1,100 in July last year, reporting decline of almost 60 per cent.

Steel prices declined due to slump in global demand of steel in the back of cut in production activities across automobile and reality industry.