The country’s largest steel maker SAIL said that steel prices are unlikely to go up in November.
Mr SK Roongta chairman of SAIL speaking on the sidelines of a FICCI conference on Diversifying and Enhancing India’s Steel Consumption said that “Let’s wait and see what happens in November, but it is unlikely that steel prices would go up.”
Mr Roongta said that the domestic steel consumption in 2009 is likely to grow by 9%.
Earlier, while delivering his inaugural address Mr Virbhadra Singh minister of steel urged the industry to let steel be available at affordable prices in order to boost consumption in the semi urban and rural areas.
Mr Singh said that “One of the major reasons for our low per capita steel consumption is the lack of focus on vast rural sectors. For steel to be acceptable, in preference to other replacements, the common man must find that it is affordable and is cost effective. In this regard, the stability of price of steel in the market plays an important role steel producers must keep this aspect in mind.”
Mr Singh also urged the industry to focus on improving distribution in the remote and rural areas. He said that “If steel items of mass consumption were easily available in the villages then people would not have gone in favour of wood, cement or stone for construction material.”
(Sourced from http://www.steelguru.com/news/index/2009/10/26/MTE3NjM4/Steel_prices_unlikely_to_go_up_in_November_-_Mr_SK_Roongta.html)
Monday, October 26, 2009
Steel prices unlikely to go up in November - Mr SK Roongta
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