Indian Steel Producers agree to roll back price hike of steel products

Steel producers have agreed to roll back the increase in prices of various steel products announced on the 1st of this month. The roll back is 100 percent in case TMT bars and galvanized corrugated products which are items of mass consumption. In respect of HR Coils, the producers agreed to reduce the price by Rs. 500 per tonne. The decision was announced by the Secretary, Ministry of Steel, Shri R. S. Pandey here today after a meeting with the steel producers. Representatives of Steel Authority of India, RINL, TATA Steel, Essar Steel, Ispat Group and JSW attended the meeting. All the steel producers had increased the prices of TMT bars by about Rs. 300 - Rs. 700 per tonne, that of galvanized corrugated products by Rs. 300 - Rs. 500 per tonne and that of HR Coils by Rs. 1000 - Rs. 1200 per tonne from 1st March this year.

Announcing the decision the Steel Secretary said the roll back in the prices of HR Coils is about 50 percent of the recent hike. He said, the producers agreed to roll back the increase following an appeal from the Minister for Steel, Chemicals and Fertilizers Shri Ram Vilas Paswan. The Government had also expressed its concern regarding the inflationary trend in the economy. The Secretary said, the price hike has been a matter of concern, and the government thought there is a need to talk to the industry. Shri Pandey said, there is a Price Monitoring Committee comprising representatives from the government, steel producers, consumers and industry associations which is keeping a track of steel prices in both domestic and international markets. The Chairman of Steel Authority of India Shri S.K. Roongta who was present on the occasion said, the move will not have any major impact on profitability.

Source : Press Information Bureau

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