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Monday, April 5, 1999
Figurewatch
Reacting to an article on this page by S. P. Jain of the Cold Rolled Steel Manufacturers Association (CORSMA) last week, the Essar Group protested, pointing out that contrary to what Jain had written, even the CR units had benefitted from the government's decision to impose floor prices on imports at the end of last year. Globally, according to Essar, the price difference between Hot Rolled (HR) and CR coils fell to $50 a tonne by July '98. The government then hiked the import duty and also imposed a import floor price of $392 for CR coils.This ensured that the gap between HR and CR coils is now up to a staggering $164 a tonne. From hot thrusts to cold cuts, the war goes on. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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