Govt plans meet as steel makers mull price hike - Hindustan Times
close_game
close_game

Govt plans meet as steel makers mull price hike

Hindustan Times | BySumant Banerji, New Delhi
Jul 15, 2008 09:58 PM IST

Amidst reports that steelmakers could hike prices once the July deadline ends, the Govt may hold a meeting with them before the end of this month to discuss prices, reports Sumant Banerji.

The government may hold a meeting with steel producers before the end of this month to discuss prices, a senior official said on Tuesday, amidst reports that steelmakers could hike prices once the July deadline comes to end.

HT Image
HT Image

All major primary steelmakers in the country had promised Prime Minister Dr Manmohan Singh on May 7, to hold steel prices until end of July. But a sustained spike in cost of iron ore, coal and freight, the industry says, has made it difficult to hold the priceline.

Hindustan Times - your fastest source for breaking news! Read now.

“We are keeping a close watch on the prices and for the time being it appears to be stable. We expect the industry to take steps in a transparent manner and may convene a meeting to review the pricing situation,” a senior steel ministry official said. “Export duty on iron ore has been levied so it has to be studied to what extent the industry is hampered.”

The ministry has intervened on the pricing issue from time to time this year and with inflation remaining high it is likely to keep the heat on steelmakers.

Iron and steel figured prominently in the radar for manufacturing sector and prices are likely to remain firm.

“It is a collective duty to ensure that inflation is under check but regulation is not on our mind. We want the industry to discuss prices from time to time and we will do our best to help them contain it,” the official added.

User industries like automobiles believe prices will go up in August. “We have been hearing that prices will go up in July and then in August and are trying to figure out whether it has gone up this month so far. Definitely it will go up next month,” said Vishnu Mathur, Executive Director, Automotive Component Manufacturers Association (ACMA).

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On