Meanwhile, the BSE Sensex was up 47.63 points, or 0.26% at 18,692.69.
Jindal Steel & Power (up 0.44% to Rs 709.40), Tata Steel (up 1.08% to Rs 582.55), Ispat Industries (up 1.23% to Rs 20.50) and Steel Authority of India (SAIL) (up 1.37% to Rs 199.80) edged higher.
Tata Steel raised its flat product prices by about Rs 1,000/tonne with effect from 3 September 2010 on account of a pick-up in demand. Earlier this month, major steel producers such as SAIL, JSW Steel, Essar Steel and Ispat hiked prices by 3-4%. JSW Steel increased flat product prices by nearly Rs 1000/tonne. SAIL increased its product prices by cutting back on discounts. However, the companies have kept the long product prices unchanged.
With steel imports expected to fall and demand expected to rise during the second half of the year ending March 2011 (FY 2011), the steel ministry has raised its FY 2011 forecast for steel consumption to 10% from the earlier target of 9%. Steel consumption rose 9.7% in the first five months of FY 2011. For the past 2-3 months, steel prices had remained weak on account of cheaper imports from China and lower demand due to the monsoon season.
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