New Delhi: Major steel companies are set to roll back their recent price hike after a meeting with the steel secretary.
Price hikes in Europe and low inventory levels in developed markets had led Indian steelmakers to increase hot rolled steel prices, by an average of Rs 1,000 per tonne.
The hike, effective from March 1, came even after an exemption in duty on coking coal by the Union Budget on Wednesday.
This was expected to ease the cost pressure for domestic steel companies.
The steel producers include SAIL and Tata Steel who have agreed to cut prices of TMT bars, galvanised steel and HR coils.
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 here.
Producers said the hike was a routine activity on first of every month and was based on domestic and international fluctuations, Pandey was quoted as saying.
The prices of HR coils have been reduced to Rs 27,000 per tonne from 27,500 per tonne.
Pandey 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.
(With agency inputs)
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