Steel prices should Stabilize in long-term: Jindal

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jun 2010

Steel prices have fallen in the past few months due to global de-stocking but it should stabilise in the long-term, a top JSW Steel official said on Tuesday.
"Steel prices have fallen in the past few months due to global de-stocking. However, the prices should stabilise in the long-term," JSW Steel managing director Sajjan Jindal told shareholders at the company's annual general meeting in Mumbai.
"Steel use in the country is increasing but the actual demand for steel is still the same," he said.
Describing the increase in cheap steel imports as "disturbing" Jindal said that this along with higher iron ore exports will put the local steel industry at a disadvantage.
"We will try to impress upon the Government to take steps and implement policies which will arrest this trend," he said.
When asked whether JSW Steel was impacted due to an increase in input costs, the company's Director (Sales & Marketing) Jayant Acharya, said, "we are trying to stabilise the input costs' impact."

Source: PTI