Steel prices unlikely to go up in November: SAIL chief

October 25, 2009: The country's largest steel maker SAIL said that steel prices are unlikely to go up in November.

Speaking on the sidelines of a FICCI conference on Diversifying and Enhancing India's Steel Consumption, Mr S.K. Roongta, Chairman, SAIL, said, "Let's wait and see what happens in November, but it is unlikely that steel prices would go up."

Mr Roongta, while delivering his address at the conference, said that the domestic steel consumption in 2009 is likely to grow by 9 percent.

Earlier, while delivering his inaugural address, the Minister of Steel, Mr Virbhadra Singh, urged the industry to let steel be available at affordable prices in order to boost consumption in the semi-urban and rural areas.

"One of the major reasons for our low per capita steel consumption is the lack of focus on vast rural sectors. For steel to be acceptable, in preference to other replacements, the common man must find that it is affordable and is cost effective. In this regard, the stability of price of steel in the market plays an important role, steel producers must keep this aspect in mind," said Mr Singh.

Source: Business Line