Steel prices Rolled back to control inflation

The country’s top steel producers, including Tata Steel, SAIL and Jindal Steel have decided to roll back the prices of long steel products, including construction-grade TMT bars by Rs 2,000 per tonne. The price cuts would be implemented immediately. This reduction in prices of long products is part of the package brokered by the steel ministry with main steel producers with the aim of providing relief to the common man by lowering prices of steel products directly used by him. Accordingly, the steel companies have also agreed reduce the price of galvanised corrugated (GC) sheets use as roofing material for low-cost housing.

The steel companies have also agreed to address the issue of supply constraints resulting in higher prices of steel. The main steel producers would now import the requirement of intermediate products like hot-rolled (HR) coils under advance licensing scheme for producing high-grade steel and GPGC sheets, colour coated steel and cold-rolled (CR) coils. This is expected to unlock an additional two million tonnes of HR coils in the domestic market that would other wise have gone into producing high grade steel meant for exports.