Steel giant, SAIL has compelled with sales pressure and reduced Rebar prices by upto INR 500/MT.
Primary Rebar producer, SAIL is tussling with sales pressure since last three months and has declined their Rebar prices for Nov’14. Amid supply crunch of raw-material like Iron ore & coal in the domestic market and low demand from the end-users, the primary steel producers are battling with worst condition.
SAIL reported, “We are reducing Rebar prices by INR 500/MT for the current month because of low sales in the market and offering it at INR 44,500/MT (Excise included, VAT extra).”
Whereas, JSW Steel reported, “Markets are extremely tough with poor liquidity – adversely impacting the domestic demand. Besides, increasing cheap imports of Boron Steel TMT from China has added to the vagaries of domestic market. It’s unfortunate that the Indian government has allowed different standards for the compliance of 2nd Quality Order – wherein imports not conforming to IS 1786 and in violation to the 2nd Quality Order are allowed to be imported and distributed /sold/consumed in domestic market. While, the domestic steel producers are required to comply with the order.
Government needs to take notice of this differentiated standards between imports and domestic supplies and block all imports, which are purposefully misclassified and non-complying to the 2nd Quality Order”.
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