JSPL expects marginal increase in steel prices

Steel maker JSPL today said it expects an increase in prices of the commodity in the country due to firming global trend, but the rise would be marginal.     

"We cannot be isolated from the international price trend. But I do not expect a major increase in prices," Jindal Steel and Power Ltd (JSPL) Executive Vice-Chairman and MD Naveen Jindal told reporters on the sidelines of an Assocham conference here.     

Steel prices have corrected by about 50 per cent from the peak of $1,150-1,200 a tonne in early 2008 on account of fall in demand amid the global economic slowdown.     

However, with government's increased focus to revive the infrastructure sector and stimulate demand in the overall economy, the offtakes and prices were seen improving of late.     

Another steel maker JSW Steel had said yesterday that following the recent surge in offtakes and improvement in prices of the commodity globally, rates may go up marginally in the country in the near future.     

"We are looking at raising prices of our products by 2 per cent in July quarter on account of improvement in demand in the domestic market and the rise in steel prices globally, off late," JSW Steel Vice-Chairman and Managing Director Sajjan Jindal had said.