Financial Daily from THE HINDU group of publications
Thursday, Mar 11, 2004
Financial Daily from THE HINDU group of publications Thursday, Mar 11, 2004 |
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Industry & Economy
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Steel Secondary steel producers move PMO on prices Our Bureau
New Delhi , March 10 STUNG by spiralling prices of hot rolled (HR coil) steel, the secondary steel producers have sought the intervention of the Prime Minister's Office to reduce import duties and check domestic prices. "The persuasive measures taken by the Government so far have not borne any result. It is imperative that the customs duties on HR coil be reduced from 15 per cent to at least 10 per cent to curb monopolistic pricing by the primary producers," according to a letter written by Mr S.C. Mathur, Executive Director of the Cold Rolled Steel Manufacturers Association of India (Corsma). The letter, a copy of which is available with Business Line, has been sent to Dr S. Narayan, Economic Advisor to the Prime Minister. The letter states that the five HR coil producers have not only jacked up the prices by Rs 2,500 per tonne in March, but have also come up with a "strange innovation" that the price for production meant for domestic consumption will be Rs 25,500 per tonne while that for the export market will be Rs 26,000. "The ratio for the supplies for the domestic and export markets has also been fixed at 30:70 even if a cold rolled steel producer does not export any CR sheets," the letter says, adding "the effective price hike of over Rs 2,800 per tonne is totally unjustified, particularly after sharp reduction in the customs duty on inputs like coke and coal on the undertaking that HR coil prices shall be reduced."
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