Delhi: Within 24 hours after the Government announced
a series of duty concessions on steel-making inputs,
to keep prices stable and despite the FM''s exhortations
to the industry to hold the price line, domestic steel
and cement manufacturers have announced price hikes
in the two products.
Thursday, primary steel manufacturers raised hot-rolled
steel prices across the board, the increase ranging
from Rs700 to Rs1,200 per tonne.
manufacturers too increased prices by Rs12 per 50 kg
a bag. Also a few days ago, the Railway Minister, Lalu
Prasad, had announced freight cuts for inputs that go
into steel and cement making.
average price of hot-rolled coils, which has been Rs27,500
per tonne till Wednesday, has gone up to Rs28,500 per
tonne from Thursday. Adding a 16 per cent excise duty
and four per cent sales tax, the price that the consumer
will have to pay has gone up from Rs33,176 per tonne
to Rs34,382 per tonne (assuming an average increase
of Rs1,000 per tonne).
sector SAIL has increased prices of hot-rolled steel
in the range of Rs700-800 per tonne, while Tata Steel
has increased prices by Rs1,000. The largest producer
of flat steel, Essar Steel, has increased prices by
Rs1,000-1,200 per tonne. Ispat Industries and JSW Steel
have increased prices by Rs1,000-1,200 a tonne, industry