Financial Daily from THE HINDU group of publications
Wednesday, Aug 04, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 04, 2004 |
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Steel Industry & Economy - Steel Steel prices hiked by Rs 500-1,000 per tonne Our Bureau
Mumbai , Aug 3 INDIAN steel companies have announced a price hike of Rs 500-1,000 per tonne on the retail sales of hot and cold rolled products. The increase in steel prices was necessitated by the continuous upturn in input costs, a steel company official said. However, retail sales or trade sales account for a much smaller proportion of the revenue, as much of the steel sales are orders from OEMs. According to industry sources, Tata Steel hiked prices by Rs 500-1,000 a tonne for base grade products. Essar Steel and Jindal Vijayanagar Steel Ltd have announced similar price hikes. Officials at SAIL refused to comment. But industry sources said that SAIL has not announced a price hike. A major reason for hiking prices was to keep pace with the surge in international prices of steel. According to steel company officials, domestic prices of steel continued to remain lower than the landed cost of imported steel. HR prices in Europe were around $620-625 a tonne while in the US, they hovered in the region of $725 a tonne. Despite the reduction in Customs duty on imports of steel, landed cost of steel remained higher than domestic prices.
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