Steel prices in India being carefully monitored

Steel prices in India being carefully monitored

Indian Steel Minister Ram Vilas Paswan said that steel prices in India are carefully monitored, adding that although the government does not interfere in pricing, it advices steel producers to ensure stability in the prices and sufficient steel supply in the domestic market. As previously reported by SteelOrbis, a regulatory body for monitoring and stabilizing steel prices would be commissioned as the prices have increased due to the developments in global steel market and the rising construction activities in India. TISCO and certain other major steel producers have recently effected price hikes. In fact the prices in India have been more or less stable since the duties on imported steel products were reduced in August. Moreover, certain steel produces voluntarily decreased their prices by Rupees 1.000-2.000 (approx. $22-44) per ton. With the duty cut, imports have increased significantly and exports have decreased. However, long products availability in domestic market is tight and the government warns steel producers to focus on domestic market rather than to try to increase their exports.