government has set up a committee comprising members of
both public and private sector steel producers to monitor
steel prices on a continuous basis and to check artificial
hike in prices.
have set up a joint public-private steel price monitoring
committee (SPMC) to monitor price movements of various
steel products so that small consumers could get steel
at reasonable prices," steel minister Ram Vilas Paswan
committee, to be headed by joint secretary in the steel
ministry, would formulate a pricing strategy for the future
and recommend plans with regard to steel production, consumption
the government aims to keep steel prices in check, the
minister emphasised that this was not to regulate steel
prices. The committee will interface between producers
and consumers to stabilise the prices.
government is particularly worried that even if PSU steel
companies reduce prices the consumers do not get benefit
as the private sector accounts for two-thirds of the supply.
control one-third of steel supply and they come under
pressure always to reduce prices, while the private players
cannot be checked."
have now included private players in the committee so
collective decision on prices could be taken and all have
agreed to keep the steel prices stable," Paswan said.
it is not the first time that the government is monitoring
steel prices, it now assumes significance in the wake
of rising inflation.