India's No. 3 steelmaker JSW Steel Ltd will raise steel prices by about 2 percent, effective Thursday, due to rising input costs, a company official said.

"We haven't increased steel prices in last three months whereas input costs and steel prices in international market have gone up significantly," a JSW Steel spokesperson told Reuters.

Following the increase, steel prices could go up by around 750 rupees per tonne, he added.

Before the hike, JSW was selling flat products like hot-rolled coil at 40,500 rupees per tonne and long products like TMT bars at 41,000 rupees per tonne.