The country’s leading steel manufacturer, Tata Steel, has increased prices of hot-rolled steel products by Rs 500 to Rs 750 per tonne in few select provinces on monthly contracts with retrospective effect from June 1, 2009.
The move has been triggered by the revived demand for the steel products in the local markets, mainly from major consumers of steel i.e. construction and automobile sectors.
Last month, the steel sector behemoth had increased spot prices of long steel products by Rs 300 to Rs 500 per tonne.
public sector steel producers, Rashtriya Ispat Nigam (RINL) and Steel Authority of India (SAIL) have already resorted to similar kind of moves and other players like JSW Steel and Jindal Steel & Power (JSPL) may also go for upward revision in their steel prices in near future.
When the world is under deep recession, where is the scope to raise prices ? Where is the demand ? Do you think Tata Steel plants are operating at full capacity ? What is the Government doing at the Center ? Don’t we all know what the Congress government has done and not to forget the lousy old man occupying the leader of opposition chair.