November 22, 2008

Indian pipe makers to reduce prices by 10%

Indian pipes and tubes manufacturers have assured Indian government that they will also bring down the prices of pipes and tubes by about 10% with immediate effect to around INR 48,000.

These assurances were given at a meeting of primary steel producers and pipes and tubes manufactures convened by the ministry of steel.

Mr RS Pandey secretary to the ministry of steel took a serious view of the rise in the prices of pipes and tubes since they receive 80% of their raw material requirement from the Steel Authority of India Limited at a fixed price of INR 42,000 per tonne and with an explicit understanding that they will market their product at a price10% higher than the procurement price.

Mr IP Jain from the Federation of Industries of India representing the tubes and pipes manufactures said that they will bring down the price to a ceiling price of INR 48,000 per tonne. He said their members will be advised to reduce the price by 10% and the revised price will come into force with immediate effect.

(Sourced from www.steelprices-india.com)