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SAIL, Ispat, Essar lower prices
 
SAIL, Ispat, Essar lower prices
Three domestic steel companies - Steel Authority of India (SAIL), Essar Steel and Ispat Industries- lowered prices by Rs 1,500- 2,500 on an average. The prices were lowered on account of a correction in global prices due to liquidation of inventory across countries.

SAIL reduced prices by 4- 8% while Essar and Ispat lowered them by 4- 5%. It is expected that the other two domestic steel producers - Tata Steel and Jindal Vijayanagar - would also cut prices in the next couple of days. But they are hopeful that within a month or two, global steel prices would stabilize and market would allow prices to rise.

In India, the demand for steel is on a rise due to construction boom, infrastructure projects and growing auto-mobile sector. Domestic steel production, which was estimated 35 million in 2003- 04, is estimated to grow to 38mt by 2006- 07.
Posted On : 8/9/2005 12:00:04 PM

 
 
 
SAIL, Ispat, Essar lower prices