Steel prices may go up if input cost surge: SAIL

CHANDIGAR: Steel Authority of India Ltd (SAIL) on Wednesday said it may increase prices of the alloy in the near future as there are expectations of a rise in input cost.

"There are possibilities that the prices of input may rise in the coming time, which will force us to raise steel prices," SAIL Chairman S K Roongta said here on Wednesday. There was a lot of pressure on steel prices due to spiralling cost of input, he added.

Pointing out that the demand for steel is rising at 12 per cent, Roongta said that the major orders were coming from infrastructure, auto and manufacturing sectors.

Denying reports that steel prices have increased astronomically during the last couple of years putting a burden on the manufacturing sector, he said the rates have increased only by 15-20 per cent between October 2004 and October 2007.

It may be mentioned here that the union government had set up a monitoring committee on steel prices to monitor any large variation in steel prices.