Indian steel prices are being monitored on a daily basis at the highest level of the office of India’s prime minister, Narendra Modi, as the government is receiving lots of complaints as regards prices, Ranjan Bandopadhyay, executive secretary of the Joint Plant Committee (JPC) under the Ministry of Steel said on Friday, February 26.
Pointing out that domestic steel prices have increased by 40 percent in the October-January 2020-21 period, he said that such price levels will definitely not be sustained and a correction is likely and price will come down during the next fiscal year.
“With the government reducing import duty to a flat rate of 7.5 percent and, if imports rise in the coming months, it will be difficult to maintain current domestic prices,” Mr. Bandopadhyay said.