The Indian government has asked the steel industry to rein in prices, adding that a failure to do so could attract a price regulatory mechanism. This comes a day after domestic steel makers raised prices of their products by Rs 1,500-2,500 per tonne citing rise in input costs.
“We have taken it (rise in steel prices) seriously. We want to increase the per capita consumption of steel and as such the rise in prices will have to be reasonable,” steel minister Ram Vilas Paswan said here today. He said the reason given by steel makers for raising prices is that the rates had shot up globally. “We will meet the steel makers within a week to ascertain the reasons behind this price rise,” he added.
“If we realise that despite our deliberations, they continue to increase prices, we will have no options but to tell the government to install a mechanism to contain steel prices,” Paswan said.