Steel makers toe govt line, withdraw price hikes

Major steel producers have agreed to cut prices of TMT bars, galvanised steel and HR coils after the government asked them to contain prices to keep inflation under check.

Steel companies, including SAIL, Rashtriya Ispat Nigam, Tata Steel, Essar, Ispat and JSW Steel, today agreed to reduce prices they had hiked on March 1 after meetings with steel secretary R S Pandey here.

Producers said the hike was a routine activity on the first of every month and based on domestic and international fluctuations, Pandey told reporters.

"However, considering concerns of the government on inflationary trends in the economy, steel producers agreed to roll back the increase announced on March 1," he said.

The price of HR coils has been reduced to Rs 27,000 per tonne from Rs 27,500 per tonne. The increase in prices of TMT bars and galvanised steel would be rolled back entirely, he added.