SAIL may cut steel prices soon
New Delhi: State-run steel maker SAIL on Thursday said it may cut prices of some of its products in near future.
The company last week had raised prices of flat and long
products by Rs 1,500.
"Since long steel product prices have gone up to a certain level, there may be some correction in the category in near future," SAIL Chairman SK Roongta said when asked if the company will revise prices of its products soon.
Long steel products are mainly consumed by construction
and infrastructure sectors.
It is learnt that the Steel Ministry had also expressed concerns on increase in steel prices by domestic firms, including SAIL and Tata Steel, which own captive reserves of iron ore and coking coal.
Many steel firms had cited increase in input cost besides
the demand surge for price increase. Iron ore prices, which
had fallen below USD 50 a tonne last year, are hovering at
USD 100 a tonne at present.
However, Roongta said, "Input cost does not determine
steel prices. Its market fundamentals which decides prices."
On prices of flat steel products, which are primarily
consumed by automobile and consumer durables industries, he
said, "Prices are governed by international trend and
internationally prices are rising."
Roongta, who is also head of special purpose vehicle
International Coal Ventures formed to acquire coal properties
abroad, said, "We are making all efforts to acquire property."
ICVL is looking at mining properties in countries like
Australia, South Africa, the US.
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