Tuesday, September 02, 2008

Indian steel prices to fall

Indian Steel Secretary Pramod Rastogi said on Monday steel prices had softened and would fall further this month.

Rastogi, the top bureaucrat in the federal steel ministry, said global prices of steel had also dropped, encouraging imports. Earlier, the steel ministry had called producers for a meeting to discuss ways to prevent domestic prices from rising

Ironically the Indian Government had introduced a number of measures to hold back the increase in steel prices this year, with limited success. Market forces can achieve what Governments cannot. Expect further price falls around the World


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