Long steel product prices decline

The steel ministry's efforts to contain spiralling prices has paid off with producers rolling back prices of long products by Rs 4,800 to Rs 7,200 per tonne during the past ten days.

"The open market rates of long products have declined by Rs 4,800 to Rs 7,200 per tonne during the past ten days," Steel Secretary Raghav Sharan Pandey told PTI.

He said according to figures available from the Gobindgarh wholesale market in Punjab, prices of 10mm TMT bars have declined by Rs 6,700 per tonne while prices of 20-25mm TMT bars have dropped by Rs 6,900 per tonne.

There is a reduction of Rs 7,200 per tonne in the prices of 65mm angle steel bars besides reduction in prices of other category of steel.

"We maintain that rising steel prices are a point of concern for us as they had risen high and there was all-round concern that rising prices were contributing in increasing inflationary pressures in the economy," Pandey said.

Pandey's comments assumes importance against the backdrop of the new Minister of State for Steel Jitin Prasada expressing concern on steel prices. He has favoured abolishing import duty on steel besides imposing some sort of an excise duty on exports.

When contacted, an Ispat Industries spokesman said the company has lowered prices of galvanised corrugated sheets by Rs 500 besides deciding to service SME customers and small users directly.