Indian steel firms to cut prices, want lower duty

Reuters
Posted: 2008-02-14 16:44:53+05:30 IST
Updated: Feb 14, 2008 at 1703 hrs IST

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Consumer durable makers for lower taxes Indian steel firms to cut prices, want lower duty FM may have a tightrope walk in Budget: FICCI

New Delhi, February 14:: Indian steel makers on Thursday agreed to cut prices on some products by Rs 500-1,000 per tonne but asked the government to consider excise duty cuts to maintain margins, an industry official said.

Steel Minister Ram Vilas Paswan had earlier met steel producers and expressed concern over a rise in prices.

"We (steel producers) said that rise in input costs have forced us to increase steel prices. But on minister's appeal, we have agreed to reduce the price of bars by Rs 1,000 per tonnes and hot-rolled coils by Rs 500 per tonne," said Navin Jindal, who attended the meeting.

Earlier this month, Tata Steel raised hot and cold-rolled coil prices by Rs 2,000-2,500 a tonne while smaller firms such as JSW Steel, Bhushan Steel & Strips, Essar Steel and Ispat Industries said they would follow suit.

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Indian steel firms to cut prices, want lower duty

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