Steel producers offer to cut prices by Rs4,000 a tonne

Steel producers offer to cut prices by Rs4,000 a tonne
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First Published: Wed, May 07 2008. 02 57 PM IST
Updated: Wed, May 07 2008. 02 57 PM IST
PTI
New Delhi, May 7 (PTI) Leading steel producers have offered to reduce prices of hot rolled coils by Rs4,000 a tonne, as part of efforts to ease inflation.
“We have offered to reduce prices by Rs 4,000 per tonne on Hot Rolled coils,” a senior steel industry official said after a meeting with Steel Secretary Raghav Sharan Pandey.
The producers would also meet Prime Minister Manmohan Singh on 7 May to discuss, among other issues, the pricing situation.
Steel prices have risen 49% during the past one year triggering concerns that soaring prices of the metal was augmenting inflationary pressures on the economy.
The government had recently decided to impose export duty on steel products following a sharp in rise in prices of the metal and its increasing demand-supply mismatch.
The government had earlier charged the steel industry with cartelisation and raising prices of the metal in tandem.
Leading steel makers who formed the Indian Steel Alliance (ISA) as their umbrella organisation dissolved it amid fears that the industry was indulging in cartelisation.
Incidentally, ISA had been on the forefront of a campaign against imposing export duty and setting up a regulator for the industry.
Among those who met the Steel Secretary included Tata Steel Managing Director B Muthuraman, JSW Steel Vice Chairman and Managing Director Sajjan Jindal, SAIL Chairman Sushil Kumar Roongta, Ispat Industries Managing Director Vinod Kumar Mittal and Essar Steel chief Shashi Ruia.
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First Published: Wed, May 07 2008. 02 57 PM IST
More Topics: Steel | Prices | HR Steel | Manmohan Singh | Inflation |