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Govt rules out immediate hike in steel prices

The government has ruled out any upward revision in the prices of steel products in the near future, in line with the situation in the global markets.

business Updated: Aug 22, 2008 15:22 IST

The government on Friday ruled out any upward revision in the prices of steel products in the near future, in line with the situation in the global markets.

"Since the global price of steel is softening, we do not see any immediate reason to go for any upward revision. Instead, the companies should think in terms of further reduction in the prices of steel," said Steel Secretary PK Rastogi.

Agreeing with him, state-owned Steel Authority of India (SAIL) Chairman and Managing Director SK Rungta said the company would maintain the current price.

"We will maintain the current prices," Rungta told reporters on the sidelines of a press conference of Steel Minister Ram Vilas Paswan. There was no immediate plan to hike the prices, he added.

Steel manufacturers at a meeting with Prime Minister Manmohan Singh in New Delhi on May 7 agreed to reduce prices of flat steel products by Rs 4,000 a tonne and that of structural steel by Rs 2,000 per tonne. They also agreed not to revise prices for the next three months.