Tata Steel expects fall in raw material pricesNovember 12th, 2011 - 4:47 pm ICT by IANS
Kolkata, Nov 12 (IANS) Tata Steel Saturday said it expects raw material prices to come down in the third quarter of this fiscal and demand for steel to be steady on the domestic front.
“I expect the raw material prices to come down. The spot indication in the last two to three weeks is that they are coming down,” Tata Steel managing director H.M. Nerurkar said on the sidelines of a programme organised by the Confederation of Indian Industry (CII) here.
The world’s seventh largest steel maker, which reported 89 percent dip in its consolidated net profit in the second quarters ending Sep 30 due to lower average selling price in Europe and higher raw material costs, also predicts demand to be sluggish in Euro Zone due to the ongoing crisis.
“The crisis is yet to unfold fully. Then only it will get resolved,” he said.
On outlook of India’s steel market, Nerurkar said: “Both prices and demand will be steady…”
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