Indian steel producer SAIL to review prices in November

Indian steel producer SAIL to review prices in November

Indian steel producer Steel Authority of India Ltd (SAIL) will reportedly review its prices in November. As previously reported by SteelOrbis, leading steel producers in India, including SAIL reduced their prices in August. The price reduction effected by SAIL was Rupees 1'000 ($21.8) per ton. While Tata Iron and Steel Corp (TISCO) announced that it will keep its prices till March 2005, Essar Steel, Ispat Industries and Jindal Iron and Steel Corp announced that they will keep their prices till December 2004. SAIL officials stated that they review prices every month and continue to do so, adding that they adjust prices in line with the market situation. Currently hot rolled coil prices range between Rupees 25'500-26'000 ($556-567) per ton. Meanwhile, the officials stated that SAIL plans to export 6-7% of its total production this year against the exports recorded in the previous fiscal year, which accounted for 10% of the total production. However, in the long-run SAIL aims to increase its exports to 15% of its total production.