02-15-2008, 10:20 PM
<b>Producers roll back steel prices partially</b>
Feb 15, 2008
The steel prices, which were increased 6 to 8% early this month, have been partially rolled back by the producers on the suggestion of the government.
The integrated steel producers have announced a 1,000 rupees per tone reduction in price of TMT bars and rounds used for construction activities and a 500 rupees cut in benchmark hot-rolled coils (HRC) price. The price cut would be applicable with immediate effect. The manufacturers had earlier this month raised the steel prices by 1500 to 2500 rupees .
The steel minister, Mr. Ram Vilas Paswan told reporters after his meeting with representatives of major steel producing companies, the government stepped in because of the expectation that steel prices may increase further in coming days. The present rollback is aimed at providing relief to the common man.
Assuring the steel industry on government's commitment to take suitable policy initiatives for facilitating the growth of the steel sector, the minister said he had written to finance minister to consider reducing excise duty on steel from present 16% to 8% and also to railway minister to reduce freight charges on steel.
Feb 15, 2008
The steel prices, which were increased 6 to 8% early this month, have been partially rolled back by the producers on the suggestion of the government.
The integrated steel producers have announced a 1,000 rupees per tone reduction in price of TMT bars and rounds used for construction activities and a 500 rupees cut in benchmark hot-rolled coils (HRC) price. The price cut would be applicable with immediate effect. The manufacturers had earlier this month raised the steel prices by 1500 to 2500 rupees .
The steel minister, Mr. Ram Vilas Paswan told reporters after his meeting with representatives of major steel producing companies, the government stepped in because of the expectation that steel prices may increase further in coming days. The present rollback is aimed at providing relief to the common man.
Assuring the steel industry on government's commitment to take suitable policy initiatives for facilitating the growth of the steel sector, the minister said he had written to finance minister to consider reducing excise duty on steel from present 16% to 8% and also to railway minister to reduce freight charges on steel.