Indian Steel Minister is in favor of price hikes

Indian Steel Minister is in favor of price hikes

Indian Steel Minister Ram Vilas Paswan has recently announced that he supports recent price hikes effected by Steel Authority of India Ltd (SAIL) and Vizag Steel Plant (VSP), a unit of Rashtriya Ispat Nigam Ltd (RINL). Mr. Paswan stated that lower prices were no good for both the customers and the producers, adding that only the traders have benefited from the lower prices. Minister also added that a new regulation regarding steel prices will be discussed in the next round of Steel Consumers' Council meeting. Moreover, Paswan stated that in order to increase steel production to 100 million tons by 2020, an investment of Rupees 2 trillion ($44.3 billion) should be made.