India to monitor steel prices

India's government has established a high level committee to monitor steel price movements in the country. The first meeting of the committee is scheduled for Wednesday, January 3. The committee is to monitor the price movement of various categories of steel products, to analyze variations and also to formulate strategy regarding future prices. Although many believe that this move may indicate a return to an administered mechanism, some sources report that the Indian steel industry is in favor of maintaining steel prices so as to balance international prices.