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SAIL, TATA agree to cut steel prices
New Delhi, April 04, 2008
India`s large steel firms have agreed to roll back prices
of long steel products, Steel Secretary R.S. Pandey told
reporters after a meeting with big producers including Tata
Steel and Steel Authority of India Ltd.
He said the prices would be lowered by 2,000 rupees per tonne.
"We talked about the situation of pricing and availability of
steel and for long products like TMT bars, the price of which
has gone up more sharply than other products in the past two
months," Pandey said.
"There the major producers have agreed that some of their
prices are at slightly higher levels, (and) would consider
some rollback," he added.
"Companies such as Tata Steel and RINL would provide a relief
of about 2,000 rupees per tonne on long products."
The Indian government, concerned about soaring inflation, has
announced a series of measures aimed at controlling prices and
has held meetings with industrialists to persuade them to keep
prices under control.
On March 25, steel producers agreed to curtail steel exports
to help increase domestic supplies and check rising prices.
Steel prices have shot up by 33 percent in the last eight
weeks. India exports 4-5 million tonnes of steel annually and
another 2 million tonnes of galvanised sheets and cold-rolled
coils are exported.
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