Industry & Economy
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Steel
Steel prices likely to go up from Oct
Ambarish Mukherjee
New Delhi
,
Sept. 28
Steel manufacturers are contemplating an increase in steel prices across the board effective from October.
Though the exact quantum would be decided only at the last moment, sources in manufacturing companies said that the average increase for flat products could be in the range of Rs 800-1,000 per tonne while for long products it could be around Rs 500 per tonne.
The Minister for Steel, Mr Ram Vilas Paswan, also indicated today that there might be a moderate increase in steel prices.
Though the Ministry had no intention to raise the steel prices in immediate future, the Minister said if situation arises based on rising demand, the Government might resort to moderate price hike of steel prices in the long run.
Producers may meet today
Industry sources said the major steel producers too are expected to meet on Friday to take call on the pricing issue.
Sources in Steel Authority of India Ltd (SAIL) said that though the increase amounts would be decided only over the weekend, the price increase plan is based on strong demand expected during the third quarter.
"It is the third quarter when the demand spurts, both from the Government projects and private sector and as such demand would outgrow supplies and prices may be increased more than once during the October-December period," sources said and pointed out that while production of finished steel has increased by 7 per cent during April-August 2006, consumption also had gone up by 7 per cent.
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