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Kolkata, Jun 25 : whole purpose of trying to contain the steel prices has been defeated. While steel makers have been fighting the increasing input costs for the past two months, the burden of inflation is catching up with them.
SAIL officials said Chairman SK Roongta has made it clear that after July prices will be reviewed and it is bound to go up formidably.
But by how much it would go up, it is not possible say right now, officials said.
Officials of the government owned Rashtriya Ispat Nigam Ltd (RINL), which generally sets the price trend, said it has not increased prices for any contract, even although SAIL has done so despite having its own ore mines. RINL buys ore from National Mineral Development Corp.
Global steel prices continued its upward trend but Indian steel companies were forced to hold prices. While in the US prices have gone up for 12 consecutive months, and for hot rolled coils it is quoting $1100 per tonne, in Europe prices of hot rolled coils have increased for the sixth consecutive time to touch $ 1066- 1070. In China, hot rolled coils are currently quoted at $671- 675 a tonne, which has been a moderate increase for the period....
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