Indian Govt rules out regulating steel prices

Indian government today said domestic steel prices should come down following the softening global trend. "We do not fix steel prices, and do not favor any price mechanism for the same." Steel Secretary P K Rastogi said that domestic steel prices should further come down on the falling global trend. However, he said fiscal measures were taken few months back when export duties were levied on steel products to increase its availability in the domestic market. He also said miners have agreed for a long-term contract for supplying iron ore to steel companies but the talks between the two parties have not concluded yet.