On the insistence of the Steel Ministry earlier this month, steel majors agreed to roll back the prices of long products such as TMT bars, rods and structurals (used in construction) by 12-18 percent. But they indicated that flat steel (used in automobiles and white goods) was likely to go up by about 10-12 percent particularly due to a 200 percent increase in coking coal prices.
“As the situation presently obtains, prices of long products should stabilize around this (present) level provided supply-demand gap is bridged by facilitating imports of bars, rods and structurals etc. Prices may further come down if excise duty is reduced,” contended the ministry.
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