No possibility of price hike in near term- SAIL

Wednesday, July 27,

The rise in interest rates would not impact the demand for steel in India and there is no possibility of a price increase in the near term said SAIL’s Chairman, Mr C.S.Verma.

Addressing the Steel Summit, Mr Verma also said that the joint initiative by steel companies on coal, like in the case of consortium for Hajigak, could help the entire industry and “give us better bargaining power.” The rising prices of coking coal have been a concern for the Indian industry in the recent quarters and it is  impacting the profitability of the sector.

The SAIL-led consortium is expected to place its bid for the Hajigak mines by September 3. Tata Steel, JSW Steel and Jindal Steel and Power Ltd (JSPL) are three private players that SAIL has roped in to form the consortium. While, NMDC and RINL are the other state-owned companies in the consortium, sources said.