Steel prices dip six per cent last fortnight

Tag : in coils
Update at 1530 hrs (IST)
Industry
Steel prices dip six per cent last fortnight
NEW DELHI: The Government on Monday said steel prices have declinedup to six per cent during the last fortnight on the back ofmeasures taken by primary steel producers to check the alloy pricesat retail levels.
"During the last fortnight, steel prices in respect of pig iron,ingots, rounds, TMT, angles, plates, GP sheets and sponge iron havecome down in the range of 3-6 per cent,'' an official statementsaid.
It added that retail prices of hot-rolled (HR) coil, cold-rolled(CR) coil and wire rods have also shown a downward trend, mainly onaccount of "strict vigilance exercised over the dealers''. Despiteprimary steel producers such as SAIL, Tata, JSW, Essa r, Ispat andJSPL holding their price line since May 7, steel prices had shot upby around 25 per cent at retail levels in June.
Concerned over the price rise, the Steel Ministry had called ameeting of the producers in early July, wherein it was decided thatthe steel companies would discourage exports and review MRParrangement with their dealers. Pipe and tube manufacturers hadalso reduced their rates by Rs 10,000 a tonne.
Days after, state-run Steel Authority of India asked the companieswith whom it has log-term contracts for supply of HR coils to limittheir retail margins within Rs 1,200 per tonne of steel. It alsowarned them of punitive action if they resold the prod uctsprocured from it.
Similarly, Essar Steel has established hyper marts in almost allthe states for sale of flat products of common categories of HR andCR coils. Tata Steel too is selling its flat products throughmarketing department of the company. - PTI
Prev: GlaxoSmithKline Q2 net at Rs 115 cr
Next: Heavy rain fall in coastal AP

Business Line | NUS Index |
Related Topics
Anti-dumping
Automobile Components
Bio-tech & Genetics
Books
Breweries
Budget
Cars
Cement
Climate & Weather
Coal
Consumer Electronics
Courts/Legal Issues
Disinvestment
Economic Offences
Economy
Education
Electrical Goods
Electronics
Employment
Engineering
Entrepreneurship
Environment
Excise and Customs
Exports & Imports
Fertilisers
Foods & Food Processing
Foreign Direct Investment
Foreign Trade
Gems & Jewellery
Gold & Silver
Granite & Marble
Handloom
Health
Hotels
Human Resources
Income Tax
Industrial Policy
Industry Associations
Infrastructure
Knitwear & Hosiery
Labour Reforms
Leather
Medical & Surgical Equipments
Medical Institutions & Hospitals
Minerals
Newspapers & Publishing
Non-conventional Energy
NRIs
Paper, Board & Newsprint
Personal Products
Petroleum
Pharmaceuticals
Power
PSU
Radio/TV
Railway Budget
Readymade Garments
Real Estate & Construction
Rural Development
Science & Technology
Social Security
Social Welfare
SSI
Standards & Benchmarks
Steel
Sugar
Taxation
Textile Machinery
Textiles
Tourism
Trade & Labour Unions
Two/Three Wheelers
Tyres
Urban Development
Venture Capital
Water
WTO