Tata steel to raise prices
Tata steel to raise prices Tata Steel will raise prices for the second straight month as construction and automobile companies in India increase orders to meet demand, reports Business Standard. >Deputy Managing Director T Mukherjee said that prices of long products for immediate delivery will be raised by as much as 2 %, or Rs 600 (USD 15) a ton, from Oct. 4, 2007. Tata was also looking at iron ore and coal mines in Brazil, Australia, Canada and several African countries. Indian steelmakers are raising prices on back of rise in demand in China and India, the world`s fastest-growing major economies. The price of rebar, a benchmark long product, will go up to about Rs 26,600 in the immediate delivery market. Tata, one of the lowest-cost steelmakers in the country, faces competition for raw materials as it expands overseas and prices of iron ore and coal increase. The company is looking at securing supplies as its own mines will mostly be used to meet its requirement in India. Tata Steel agreed to buy a stake in a Mozambique coal mine in August for USD 86 million. The coal will be used to produce steel at its plants in Europe. Chairman Ratan Tata had said that Tata Steel (Q, N,C,F)* and Corus combined produce about 25 million tons a year. The capacity might more than double to 56 million tons by 2015 after the three new plants planned in Orissa, Jharkhand and Chhattisgarh start production.
body{margin:0px; font-family:Arial;} .heading{font-size:22px; padding:3px; color:#002b99; font-family:Tahoma;font-weight:bold} .subhead{background-color:#e3e3e3; font-size:14px; padding:3px;} .newstext{color:#004276; font-size:14px; padding:3px;font-family:arial} .redbar{background-color:#a60000; font-size:10px; color:#FFFFFF;padding:3px;} .black{background-color:#000000; font-size:10px; color:#FFFFFF;padding:3px;} .smalltext{font-size:10px; padding:3px;}
Shares of the company  ;closed down Rs 9.3 , or 1.1%, at Rs 841.00. The total volume of shares traded at the BSE was 951,431.( Monday ).
