Centre plans to set up panel to check steel price swings
More than a decade after deregulating steel prices, the government has set up a high level committee to monitor price movements, a move that could indicate reverting back to administered mechanism.
By PTI |
NEW DELHI: More than a decade after deregulating steel prices, the government has set up a high level committee to monitor price movements, a move that could indicate reverting back to administered mechanism.
The formation of the committee, which is slated to meet on Wednesday, comes as a dampener to the industry as it could initiate measures to prevent hiking prices in tandem with the international trend.
Headed by Amrit Singh Deo, joint secretary in ministry of steel, the committee is holding its first meeting on Wednesday.
The committee has been asked to monitor price movement of various categories of steel products to analyse variations and formulate strategy regarding future price based on ‘adaptive model’, a senior steel ministry official said.
This is to recommend strategies vis-a-vis steel production, consumption and trading, officials said. Although the ministry has roped in the industry in the monitoring committee, sources said they (industry) were in favour of maintaining steel prices in parity with international prices.
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