India to discuss raw material problem

India to discuss raw material problem

According to recent news in the market, Indian government is going to hold a meeting on March 15, 2004 to discuss problems, such as shortage of raw material and rising prices that Indian steel industry has been facing. As previously reported by SteelOrbis, Indian government took certain measures to help producers in the country, such as imposing restrictions on steel exports and reducing import duties. Moreover, major Indian steel producers agreed to lower their prices however, certain steel producers, not following the warning of the government, continued to hike their prices. Meanwhile, it is stated that, in India, rather than the prices, shortage of raw materials appears to be the main problem that puts steel industry into difficulty. Now, the government, in addition to the measures it has taken so far, will hold a meeting next week to bring solution to the problems of steel industry.