Indian pipe makers to reduce prices by 10% - 04 Jul, 2008
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.
