SAIL not to hike steel prices in short-term: official

SAIL not to hike steel prices in short-term: official
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First Published: Wed, May 13 2009. 02 09 PM IST
Updated: Wed, May 13 2009. 02 09 PM IST
Mumbai: “State-run Steel Authority of India Ltd (SAIL) will not raise prices of hot rolled coil even if the government imposes a safeguard duty,” a top official said on Wednesday.
“At SAIL also we are not looking at any price increases in hot rolled coils in the short-term,” S.K.Roongta, chairman, told television channel NDTV Profit.
“We feel that prices will remain stable at the current level and given the international market scenario I don’t foresee any scope for price increases in the near-future,” he said.
The federal government was considering a proposal to impose provisional safeguard duty on hot rolled coils, sheets and strips, but had deferred a decision at the moment, newspaper reports said on Monday.
Earlier in the month, Tata Steel Ltd raised prices of long products, used in construction, by $10.1 a tonne citing strong market conditions.
Uttam Galva Steels Ltd also raised prices last week for its galvanised steel products by Rs2,250 per tonne and cold-rolled steel product prices by Rs1,000 per tonne.
At 2:12 pm, SAIL shares were down 0.37% at Rs121.6 in a weak Mumbai market.
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First Published: Wed, May 13 2009. 02 09 PM IST