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Our Bureau

Across-the-board cuts on all flat, long products

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New Delhi March 5 Steel companies on Monday reduced the prices of hot rolled products by approximately Rs 500 per tonne.

The companies also announced an across-the-board price cut for all flat and long products.

According to an official release, steel producers have agreed to roll back price hikes by 100 per cent, in case of TMT bars and galvanised corrugated products, which are items of mass consumption.

For hot rolled coils, the producers agreed to reduce the price by Rs 500 per tonne for domestic consumers.

However, domestic buyers who would be exporting steel sheets after cold rolling would have to pay the increased price that came into effect from March 1, steel company officials added.

The Government announcement was preceded by a meeting between the officials in the Ministry of Steel and representatives of major steel producers, namely Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Tata Steel, Essar Steel, Ispat Group and Jindal South West (JSW).

On March 1, all the major steel manufacturers had increased the prices of TMT bars by about Rs 300-700 per tonne that of galvanised corrugated products by Rs 300-500 per tonne and hot rolled coils by Rs 1,000-1,200 per tonne.

The Secretary in the Ministry of Steel, Mr R.S. Pandey, said that the steel producers have agreed to roll back the increase following an appeal from the Minister for Steel, Mr Ram Vilas Paswan, and the Government's concern regarding the inflationary trend in the economy, the release added.

The Price Monitoring Committee set up by the Ministry would be meeting in the last week of this month to review the demand-supply situation, industry sources said.

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