Govt to summon steel firms on prices

Govt to summon steel firms on prices
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First Published: Wed, Jul 16 2008. 03 18 PM IST
Updated: Wed, Jul 16 2008. 03 18 PM IST
New Delhi: The Indian government, striving to calm soaring inflation, will meet steel firms to discuss ways to help metal consumers without hurting producers, Steel Minister Ram Vilas Paswan said on Wednesday, 16 July.
In May, steel companies such as state-run Steel Authority of India, Tata Steel Ltd, JSW Steel Ltd and others promised to hold prices for three months to help the government cool prices.
“We won’t want steel producers to face losses because the steel industry is at its peak, but we will also safeguard consumer interest,” Paswan told reporters on the sidelines of a conference.
Tata Steel managing director B. Muthuraman said steel prices in India were Rs15,000-20,000 ($350-$450) per tonne below global rates.
Despite the price moves by steel firms, data from an official body, the Joint Plant Committee, showed many product prices had risen by about 9% since mid-May.
“Although large producers have cut prices, smaller companies, who are acting as dealers, have not cut prices in that proportion,” Paswan said.
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First Published: Wed, Jul 16 2008. 03 18 PM IST