Steel makers to hold prices

Primary steel producers have decided not to increase prices, while secondary producers will import as policymakers grapple with prices and supply constraints, reports Gaurav Choudhury.

Primary steel producers have decided not to increase prices, while secondary producers will import 600,000 tonnes of hot-rolled coil as policymakers grapple with prices and supply constraints.

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“Primary producers are holding steel prices,” Steel Secretary RS Pandey said after a meeting with steel producers here on Tuesday.

Pandey said secondary steel producers, who currently import about 1 million tonnes of hot-rolled coil, had agreed to import an additional 0.6 million tonnes.

He also said secondary steel producers had agreed to refrain from exports to improve domestic supplies and would publish the price list of their produce to make the process more transparent.

The government on Tuesday issued a warning to steel companies, asking them to bring down prices by 10-20 per cent within a month, failing which the industry would have to face tough measures.