SAIL hikes prices of flat products by Rs 500/t

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SAIL hikes prices of flat products by Rs 500/t

State-run steel producer SAIL has hiked prices of flat products by Rs 500 per tonne, CNBC-TV18 reports quoting sources.

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State-run Steel Authority of India Ltd, the largest producer of the alloy in India, has raised prices of flat products by Rs 500 (USD 10.8) per tonne, a company spokesman said on Tuesday.

The increase was in line with market conditions, RK Singhal told Reuters by telephone.

Flat products are mostly used in the manufacture of automobiles and consumer durables. Prices of long products, used in construction, were unchanged.

Last month, SAIL reported quarterly profit doubled as volumes jumped on demand from auto and construction sectors.

Other private steel majors like Essar Steel and JSW Steel have already hiked prices on flat products from February 1. Prices of long products remain unchanged though.

Sources say Tata Steel has not yet hiked prices but may follow suit.

- With inputs from agencies