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March 05, 2007 13:00 IST
Major steel producers, including SAIL and Tata Steel, on Monday agreed to cut prices of TMT bars, galvanised steel and HR coils after the government asked them to contain prices to keep inflation under check.
Steel utilities including SAIL, Rashtriya Ispat Nigam Ltd, Tata, Essar, Ispat and JSW Steel agreed to reduce prices they had hiked on March 1 after meetings with Steel Secretary R S Pandey.
Producers said the hike was a routine activity on first of every month and was based on domestic and international fluctuations.
"However, considering the concerns of the government on inflationary trends in the economy, steel producers agreed to roll back the increase announced on March 1," Pandey said.
The prices of HR coils have been reduced to Rs 27,000 per tonne from 27,500 per tonne. The increase in prices of TMT bars and galvanised steel would be rolled back entirely or about 100 per cent.
Pandey said the profitability of steel companies would not be affected by the reduction.
He also ruled out the appointment of a regulator to check steel prices in the domestic market and said as and when concern is expressed on any issue, the matter is taken up with the relevant authorities.
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