September 07, 2008

No steel exports below domestic market price

It is reported that Indian steel ministry has directed domestic steel producers to stop the practice forthwith of selling steel products in international markets at rates lower than that prevailing domestic prices as it is causing an artificial price hike in the domestic market.

Mr Ram Vilas Paswan union steel minister while speaking to newspersons after the conclusion of the 21st Steel Consumers’ Council meeting said “We have asked the producers to export steel at domestic market prices only, so that there is no artificial demand supply gap here.”

Mr Paswan said: “We have directed public sector steel makers, including SAIL and RINL, not to export steel at lower prices and will also initiate steps to prevent such exports by private companies.”