Domestic steel industry to roll back prices

New Delhi, Mar 5: Domestic steel producers have agreed to roll back the prices of steel items, which are of mass public consumption.

The decision to this effect was taken at a meeting held here today between the government and the steel producers under the Chairmanship of Steel Secretary R S Pandey.

At the meeting the steel producers pointed out that the hike announced by them on March one is a routine annual feature but despite this they have agreed to fully roll back the price hike introduced on TNT (reinforced steel bars). TNT is an item of mass consumption since it is used by the construction industry to help the consmers as well as to enable the government in fighting the problem of rising inflation.

The price hike in this item was in the range of Rs 300 to Rs 500 per tonne.

Apart from this, the industry has also agreed to reduce the price of HR Coils by 50 per cent, where the rise had been in the range of Rs 800 to 1200 per tonnes.

From the industry side, the meeting was attended by Tata Steel, Essar Steel, Ispat Group, JSW, all from the private sector, while SAIL and RINL from the public sector.

UNI