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Thu, 22 Mar 2012 09:18:29 GMT

Steel prices likely to go up by Rs 1,000/tn

New Delhi: Steel prices are all set to rise by about Rs 1,000 per tonne by early next month due to recent increase in excise duty and hike in iron ore freight rates, leading firms indicated today.

Steel prices likely to go up by Rs 1,000 tn

“The cost push due to increased duty and iron ore freight rates is Rs 1,000 per tonne. So, it (price increase) will not be less than that. This will get reflected (in prices) by the end of this month,” Essar Steel (India) CEO & MD, Mr Dilip Oomen told reporters here on the sidelines of a conference organised by information portal Steel Guru.

Other leading producers, RINL, JSW Steel and Jindal Steel and Power (JSPL) also echoed similar sentiments.

“Freight (on iron ore) has been increased, excise duty is up, cost has has gone up by Rs 1,000 per tonne. So, ultimately this will have to be paid by the consumers,” said Mr V R Sharma, Deputy MD & CEO (Steel Business), JSPL.

Rashtriya Ispat Nigam Ltd’s (RINL) Chairman, Mr A P Choudhary said that his company has not decided the extent of price hike but it is on the cards.


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