Steel producers, on Wednesday, agreed to roll back prices of the alloy after an assurance from the Centre that it would look into their demand for not imposing duty on steel exports.

Steel makers including Tata Steel, SAIL, JSW, Ispat and Essar and RINL, decided to cut prices by up to Rs 4,000 a tonne and hold the prices for the next three months.

Ispat Industries Vice Chairman & Managing Director Vinod Mittal told reporters, after a meeting with Prime Minister Manmohan Singh, that the government has assured the industry of putting on hold the notification for implementing the export duty on steel.

“We endorse the government’s concern on steel prices contributing to inflation. Major steel producers have decided to reduce prices of flat products by Rs 4,000 per tonne and prices of rebars and structural steel by Rs 2,000 a tonne and hold these prices for next three months,” Sail Chairman Sushil Kumar Roongta said.
This reduction in flat steel prices will be done by all those producers who effected price increase last month. Reduction on rebars and structurals are being made although their prices were not increased last month or this month.

This price reduction would, however, not be applicable on exports or negotiated prices.

A delegation of steel industry captains comprising Tata Steel Managing Director B Muthuraman, JSW Steel Vice Chairman and Managing Director Sajjan Jindal, SAIL Chairman Sushil Kumar Roongta, Ispat Industries Managing Director Vinod Kumar Mittal and Essar Steel chief Shashi Ruia met Mr Singh and apprised him of the problems being faced by the industry.

Finance Minister P Chidambaram, Steel Minister Ram Vilas Paswan and Cabinet Secretary K M Chandrasekhar were also part of the meeting.