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Industry & Economy - Steel


Steel body, auto sector meet discusses volatility

Our Bureau

New Delhi , March 15

THE Society for Indian Automobile Manufacturers (SIAM), the Auto Component Manufacturers' Association (ACMA) and the Indian Steel Alliance (ISA) have agreed on a five-point agenda to address issues relating to the availability and volatility of steel prices, according to a release.

A meeting chaired by Mr Sunil Kant Munjal, Vice-President of the CII was convened to discuss the short, medium and long-term issues relating to hot rolled steel.

Dr J.J. Irani, ISA Chairman, Mr Jagdish Khattar, President, SIAM and Mr K.V. Shetty, President, ACMA, attended the meeting. ISA has assured that it will meet all domestic demand of hot rolled coils.

Further, there will be no export of HR coils at the cost of the local market.

With a view to lend stability to prices, ISA members have committed to enter into quarterly, half-yearly or annual contracts with their customers, provided that both sides honour prices and commitments during the tenure of the contract. For small consumers, members of the Steel Alliance have agreed to meet aggregated demands of such customers for HR coils, subject to minimum quantity depending upon the members.

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