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Business & Finance

India's SAIL head says no fluctuation in steel prices

NEW DELHI: State-run Steel Authority of India Ltd does not expect "wild fluctuations" in steel prices in the near fut
Published April 29, 2011 Updated April 29, 2011 03:24pm
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By Muhammad Iqbal
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NEW DELHI: State-run Steel Authority of India Ltd does not expect "wild fluctuations" in steel prices in the near future, its chairman said, C.S. Verma added that demand for steel products in India was likely to continue to rise.

A weaker-than-expected market has forced many Asian steel mills to put off price hikes to account for rise in input costs in the first quarter of 2011, leading them to report lower profits.

Earlier on Friday, SAIL reported a 28 percent fall in its March-quarter net profit, hurt by rising input costs.

COPYRIGHT REUTERS, 2011

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