Tuesday, November 01, 2005

Steel makers lost ground today on reports that they have cut prices of hot-rolled (HR) coils by Rs 500 per tonne with effect from 1 November 2005.

Sail lost 2.6% to Rs 50.65, Ispat Industries shed 4% to Rs 13.44, Tisco shed
1.7% to Rs 334.45, Lloyd Steel lost 5.4% to Rs 11.85, Essar Steel shed 1.5%
to Rs 43.25, JSW Steel shed 2.5% to Rs 207 and Uttam Galva Steel lost 1.9%
to Rs 36.

4.4 lakh shares changed hands in Sail, 3.4 lakh shares got traded in Ispat
Industries, 1.6 lakh shares changed hands in Tisco, 34,845 shares got traded
in Lloyd Steel, and 26,611 shares changed hands in Essar Steel.

Steel companies, it is reported, will cut HR coil prices due to easing
global prices and larger domestic inventories, reports suggest.

The average price of HR coils, the primary steel used for making various
grades of steel, would be about Rs 21,000 ($ 465) per tonne following the
latest price cut.


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2:49 AM  

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