CR and HR coil producers in India dispute over prices

CR and HR coil producers in India dispute over prices

According to recent news in the market, cold rolled steel producers and hot rolled steel producers in India dispute over price levels. In the notice submitted by the Cold Rolled Steel Manufacturers Association of India (CORSMA) to the Finance Ministry, CORSMA complained about the price increases recently effected by the hot rolled steel producers. On the other hand, major hot rolled steel producers such as Essar Steel, Jindal Vijayanagar Steel Ltd (JVSL) and Ispat Industries announced that they have not increased their prices. Upon the notice of CORSMA, Essar Steel has recently announced that it has not increased its prices and it will not increase its prices till December 2004 although its prices are Rupees 2'500-3'000 per ton ($54-65) lower than international prices.