Prices of steel to stabilize soon: Virbhadra

Steel Minister Virbhadra Singh on Saturday said that steel prices in India would soon stabilize. Prices of iron ore and coking coal, key inputs in the alloy, have been surging mainly on the back of reviving demand from China and India. Indian government has recently raised the export duty on iron ore lumps by 5 per cent to safeguard domestic supplies to steel makers as the global iron ore prices surged since the second half of the last year.