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New Delhi, April 17 SAIL has decided not to increase prices for the moment. Also, faced with the possibility of a cut in excise duty, the private sector steel makers who had announced imposition of a raw material surcharge of Rs 5,000 a tonne on hot-rolled steel, have now kept this in abeyance, sources said.

“We have been told by the Government to hold prices,” a senior SAIL official said. Any decision on price revision will come only after the Government clearance, he added.

As for the surcharge proposed by private steel companies, a top official of a private steel company said “if excise does not come down, the manufacturers would send a debit note at a latter date to recover the surcharge. If some companies have already shown the surcharge in their invoices and later excise duty comes down, these companies would then send another credit note to the buyers for adjusting the reduction in the excise duty.”

“This would lead to cumbersome accounting problems, which is why the surcharge seems to have been kept in abeyance,” the official said.

More Stories on : Steel | Announcements | Steel Authority of India Ltd

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