Public CompanySAIL may not hike steel prices further next month
After hiking prices for the last two consecutive months, state-run Steel Authority of India (SAIL) has said it may not increase prices further in view of a downward trend in the international market, especially China.
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"There is no upsurge in prices. The international prices are cooling off especially in the Chinese market. So there is not much uptrend expected in India in October," SAIL Chairman S K Roongta has said here.
The steel giant will follow the global trend, he said.
SAIL hiked rates by Rs 1,000 per tonne of its flat steel products, which are used mainly by the auto and consumer durables sector, in August and later revised the rates upwards earlier this month by Rs 1,500 a tonne on the back of improved demand and positive global trend.
The prices of flat steel products vary in the range of Rs 29,000-40,000 per tonne in the domestic market.
Analysts say the prices fixed by SAIL act as a benchmark for other domestic steel producers.
In August, domestic producers like JSW Steel, Ispat, and Essar Steel hiked prices of their products by up to Rs 1,000 per tonne following SAIL"s and Tata Steel"s decision to increase prices.