JSW to bring down prices of flat steel products
JSW Steel on Saturday decided to cut prices on flat steel items used in consumer goods and construction, which makes it among the first significant responses by private sector steel players in the ensuing battle of nerves between domestic steel co...
By TNN |
KOLKATA: JSW Steel on Saturday decided to cut prices on flat steel items used in consumer goods and construction, which makes it among the first significant responses by private sector steel players in the ensuing battle of nerves between domestic steel companies and the government to keep inflationary trends at bay. The move is likely to set off similar response from other key players in the sector.
For starters, JSW Steel has decided to reduce prices on hot-rolled coils (HRCs) by Rs 500 per tonne. The company also decided to lower prices of galvanised sheets by almost Rs 750 per tonne, reacting to the government move in cutting down import duty on zinc, coke and ferro alloys.
JSW Steel director (finance) Seshagiri Rao said, ���As a responsible corporate we feel that the positive step that the government has taken by reducing duties should result in direct benefit to the customer, who has been hard pressed by the recent inflationary trends.���
On May 1, another private sector player, Ispat Industries, had informed its customers about its decision to reduce prices on HRC by Rs 400 per tonne and on galvanised products by Rs 500 per tonne.
Prime minister Manmohan Singh had recently appealed to steel makers for keeping a check on prices. Finance minister P Chidambaram has been saying that the raging inflation in recent mnths has been induced largely by spiralling steel and cement prices. The government has also recently decided to impose export duty on steel.
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