Monday, Aug 08,
Steelmakers and mine owners, reeling under a ban on mining in Karnataka, were keeping their fingers crossed about the Supreme Court hearing scheduled on Friday.
The uncertainty in iron ore and the resultant rise in ore prices have led the steel industry to actively consider an upward revision in prices, just days after most companies mentioned of keeping product price levels unchanged.
CS Verma, chairman of stateowned SAIL, and one of the largest players in the country, said the crisis is temporary in nature and will not have an impact medium or long-term . “I do not think the Bellary crisis will impact steel prices, per se. Moreover, low demand in the monsoon season will contain any adverse impact on steel industry. It is only after monsoon that steel demand picks up,” he said.
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