There would be no increase in steel prices till the first week of August as per an agreement between Prime Minister Manmohan Singh and steel manufacturers, union Steel Minister Ram Vilas Paswan said on Friday.
“For three months beginning May 7 there will be no increase in steel prices, though there is a considerable hike in the international market. India's steel prices will remain unchanged for three months ending Aug 7,” Paswan said while releasing his ministry's four-year report card 'Forging New Frontiers'.
Paswan, however, reiterated his commitment to take care of the interests of consumers as well as industry. He said he was not against revising steel prices in keeping with increase in raw material.
“If raw material prices increase in the international market, domestic steel producers have to revise their rates too. The ministry has constituted a Steel Pricing Monitoring Committee (SPMC) to monitor prices of various categories of steel products,” Paswan said.
Regarding the demand of industry players to roll back export duty after they agreed to reduce steel prices, Pawan said the Prime Minister's Office (PMO) was looking into the matter and his ministry had a positive approach in this matter.