Indian government not to interfere in pricing issue

Indian government not to interfere in pricing issue

Following the government statement on pricing issue, steel prices in India are expected to increase. The Indian government has announced that pricing is a bilateral issue between the primary producers and secondary manufacturers. As previously reported by SteelOrbis, primary steel producers reduced their prices in August under the scope of government measures to rein in inflation. At the meeting held on Monday, Cold Rolled Steel Manufacturers' Association (CORSMA) insisted on government intervention in the prices. However Steel Ministry announced that it would not interfere in pricing issue and the pricing is a matter between seller and buyer. Upon this statement Indian steel producers are expected to hike their prices.