Steel prices dip up to 6 pc in last fortnight

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Steel prices dip up to 6 pc in last fortnight
New Delhi (PTI): Government on Friday said steel prices havedeclined up to six per cent during the last fortnight on the backof measures taken by primary steel producers to check the alloyprices at 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".
Despite primary steel producers such as SAIL, Tata, JSW, Essar,Ispat and JSPL holding their price line since May 7, steel priceshad shot up by 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 products procuredfrom 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. Business