Steel spot rates soar in last 2 weeks even as cos' price freeze on

[K.Karthik Raja]

Steel spot rates soar in last 2 weeks even as cos' price freeze on
Thursday, Jun 5
.
NEW DELHI - Spot retail prices of most steel products rose sharply
in the
last fortnight, thwarting government's efforts to stave off
inflationary
pressure, data compiled by the steel ministry's Joint Plant Committee
shows.
Prices of long products shot up more steeply on strong demand and
higher
prices of primary steel products, such as ingots and billets, traders
told
NewsWire18.
TMT bar prices in Chennai rose by over 8,000 rupees per 1 tn, the
highest
across the four metros.
Prices of hot-rolled coils, a benchmark among the diversified
bouquet of
steel products, rose by a maximum of 4,700 rupees a tn.
The rise in these rates comes despite a price freeze announced by
primary
and value-added steelmakers in the country up to July.
The price rise trend shows government's efforts to tame steel
prices may
have had little impact on consumer prices of the alloy.