Steel prices likely to go up by September: Jindal

Mumbai, July 24 (UNI) Low inventory and a buoyant global demand is likely to lead to a hike in steel prices by September, according to JSW Steel chief Sajjan Jindal.

''Global markets are stable and are likely to be so till September after which an improvement is expected,'' he said.

Industrial production has grown by 11.7 per cent during the first quarter. Also the lower interest rates expected to be brought by the recent dip in inflation, has contributed to keep the prices at stable margins.

The appreciation of currency and lower international steel prices have also led to an adjustment of prices in domestic market by Rs 600-800 per tonne from July, 2007.

Mr Jindal, meanwhile, said the group is planning project expansions up to 6.8 million from the current 3.8 million p.a for which a long term agreement has been signed with JSW Energy (Vijayanagar) Limited.

The company has also plans to put a gradual end to coke import by starting production in India.

JSW has also reached in agreements with Jharkhand and West Bengal Governments to source row materials.

UNI