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KOLKATA: In August this year, the steel industry followed a price cut move led by Tata Steel. Steel Authority of India Ltd (SAIL) and Vizag Steel, the two public sector steel majors, have now partially reversed the trend.

Both the companies have taken the prices of long products back to the August level by raising rates by up to Rs 1,000 per tonne. The cut on flat products, however, continues.

On November 1, SAIL increased the price of structurals, including beams, joists, channels and angles, by Rs 1,000 per tonne. They were followed by Vizag Steel effecting a rise in prices on similar product categories by Rs 500 - Rs 1,000.

SAIL and Vizag effected identical price cuts on all product categories in August when the Union Government reduced import duty on steel, and Tata Steel announced a cut by up to Rs 2,000 per tonne in the prices of all products.

"Structurals, especially the light and medium structurals, are in short supply and were selling at a high premium," a senior SAIL official said.

"Accordingly, we have consulted the Minister and have decided to roll back the rebate on those select items beginning November 1."

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