Steel producers roll back steel prices
Indian Steel producers have agreed to roll back the price rise by Rs 500 to 1,000 per tonne per MT This will take effect immediately. This was as a result of meeting called by Minister of Steel Mr Ram Vilas Paswan with the chief executives of SAIL, RINL, Tata Steel, Essar Steel, JSW Steel, Jindal Steel & Power and Ispat Industries Limited when the minister conveyed to them the government's concern over the rise in steel prices.
The minister expressed Govt's concern regarding the impact of the sudden price hike in steel commodities carried out effected by steel producers in the last two months. According to the minister, apart from hitting the common man due to its cascading effect on inflation, it would also affect many of the downstream consumer industries e.g. SMEs & also slow down the pace of development of construction & infrastructure sector.
The steel producers raised the issue of the the rising input costs due to steep hike in the prices of iron ore, coking coal, metcoke, ferro alloys and transportation costs.
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