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Updated: February 4, 2010 16:29 IST

Steel price should stabilise at current levels: SAIL

PTI
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Chairman of Steel Authority of India Ltd (SAIL) S.K. Roongta. Photo:Sushil Kumar
The Hindu
Chairman of Steel Authority of India Ltd (SAIL) S.K. Roongta. Photo:Sushil Kumar

The Steel Authority of India Ltd on Thursday said steel prices should stabilise at current levels after hikes in recent months.

“Prices have been raised and we don’t see any further rise in steel prices,” SAIL Chairman and MD S.K. Roongta said on the sidelines of an international conference on refractory industry.

On February 2, SAIL had raised prices of flat products by Rs 500 per tonne.

Recently, Tata Steel’s MD, H.M. Nerurkar, had also indicated that steel prices are likely to stay stable till March. “Prices of long products had risen sharply in December after which there was some correction and we don’t see prices going up again,” he said.

Meanwhile, Mr. Roongta informed that SAIL’s 50:50 joint venture, S&T Mining, with Tata Steel has been shortlisted by Coal India Ltd. “Coal India had invited Expression of Interest and our joint venture, S&T Mining, has been short listed,” Mr. Roongta added.

SAIL and Tata Steel had formed the joint venture in 2008 with an aim to scout for and develop coal mines to secure a key energy source for their respective existing and planned steel capacities.

When asked about International Coal Ventures, the special purpose vehicle formed by several PSUs to acquire coal properties abroad, Mr. Roongta said it had made little progress till date. However, he said, that they have not yet made any decision to exit the joint venture.

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