Steel price should stabilise at current levels: SAIL

SAIL had raised prices of flat products by Rs500 per tonne and does not see any further rise in steel prices

Steel Authority of India Ltd (SAIL) on Thursday said that steel prices should stabilise at current levels after hikes in recent months, reports PTI.

"Prices have been raised and we don't see any further rise in steel prices," SAIL’s chairman and managing director SK Roongta said on the sidelines of an international conference on the refractory industry.

On 2nd February, SAIL had raised prices of flat products by Rs500 per tonne.

Recently, Tata Steel's managing director, HM Nerurkar, had also indicated that steel prices were 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 said that SAIL's 50:50 joint venture with Tata Steel, S&T Mining, had been shortlisted by Coal India Ltd.

"Coal India had invited an Expression of Interest and our joint venture, S&T Mining, has been short listed," Mr Roongta said.

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 existing and planned steel capacities.

When asked about International Coal Ventures, the special purpose vehicle formed by several state-run units to acquire coal properties abroad, Mr Roongta said that it had made little progress till date.

However, he said, SAIL had not yet made any decision to exit the venture.

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