The increase in prices by the country's largest steel producer is effective from April 1.
Steel Authority of India Limited said on Wednesday it has hiked steel prices by up to Rs 600 a tonne, effective from March 1, on account of increase in excise duty.
Domestic steel giant SAIL sees its workforce shrinking by up to 7,000 this fiscal as it continues with the rationalisation of manpower aimed at reducing employee cost by Rs 3,50,000 crore (Rs 3,500 billion) per annum.
However, the steelmaker said it will continue with the withdrawal of the Rs 500-750 per tonne rebate announced on the flat steel products -- mainly used by the automobile and the consumer durable sectors -- last month. Steel giant Tata Steel, which raised prices of some of its products last month by Rs 500-750, said there is no scope for increasing prices of the commodity in the near term and the domestic prices will continue to move in tandem with the global trend.
