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India: Mills and auto OEMs keep negotiating contracts

ABSTRACT

The controversial auto contracts for Apr-Sept ’21, which should have been finalised at the beginning of the current fiscal, are still hanging fire with steel mills and auto Original Equipment Manufacturers (OEMs) continuing to be at the negotiating table. The mills had sought INR 10,000-11,000/t increase in their offers to the auto makers for the first quarter on a pro rata basis.
Several automakers SteelMint spoke to said, the hike sought “is too steep”, “not justified” and / or “unreasonable”. A major auto OEM said, “Negotiations are underway. However, we cannot justify to our internal stakeholders to close the deal at price levels that mills are asking.” A leading steel mill also corroborated

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