STEEL prices rolled back ranging from Rs 500-1000 per tonnes

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New Delhi, Feb 14 (UNI) The domestic steel producers have voluntarily decided to rollback the pricesof selected steel items with immediate effect.

The decision to this effect was taken at a meeting held here today with the Union Steel Minister Ram vilas paswan along with the primary and secondary steel producers.

After the meeting Navin Jindal Chairman of Jindal Steel told newsmen here that as the consensus reached between them they will reduce the prices of TNT bar and rounds which are being extensively used in the construction and building sector by Rs 1000 per tonne and that of HR coils and other products by Rs 500 per tonnes and this prices cut will come into force with immediate effect in the market.

He said the industry has taken this decision as the prices of steel products over the past three months have gone haywire. He said though in the price rise the steel industry could not be blamed as it has the multiferious effect of rise in the prices of coking coal, oil, gas, iron ore, ferro alloys and shipping charges but still the industry in order to keep the domestic users in a happy mood has taken this decision. This would definite errode their profit marging but that would be very marginal, he added.

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