Vizag Steel to hike prices by Rs 2,500/tonne

The Visakhapatnam Steel Plant (VSP) is planning to hike the prices of its products by Rs 2,500 per tonne. VSP caters to about 35 per cent of the country's long product needs. It produces billets, re-bars, pig iron, blooms, angles, channels and other long products.

According to VSP sources, the company is planning to raise the prices of it products as the demand for steel products usually rises in summer. It may increase the prices by Rs 2,500 on all its products uniformly, they added.

The steel plant, which currently offers turnover discounts and scrap discounts to steel traders, now plans to cancel them for some time. During 2005-06, VSP produced more than 3.17 million tonnes of saleable steel and its turnover crossed the Rs 8,000-crore mark.