Paswan says steel prices being monitored

April 10th, 2008 - 7:48 pm ICT by admin  

A file-photo of Manmohan Singh

New Delhi, April 10 (IANS) Union Steel Minister Ram Vilas Paswan Thursday said strong measures would be taken if steel producers were found to have increased prices more than the input costs. “The government must first examine the ratio of pricerise between raw materials and steel,” Paswan said. “If it is found that steel makers have increased prices more than the rise in input costs, then necessary steps would be taken.”

The minister’s comments came against the backdrop of several Indian steel producers hiking the prices once again, on the plea of rising input costs on account of coal and other feedstock as the reason.

The steel minister said he had already written to Prime Minister Manmohan Singh outlining the measures he proposed to contain the rising prices of steel, which has the entire infrastructure industry and the realty crying foul.

The steel minister had earlier favoured zero import duty on the commodity and a 10 percent duty on exports, besides favouring a regulator for the industry that will monitor prices routinely.

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