Steel prices bottomed out, will stabilise: SAIL chief

NEW DELHI: Domestic steel prices have bottomed out and may stabilise in the next few months on account of demand pick-up, SAIL chairman CS Verma said today.

"Prices have bottomed out, there should be stability now," Verma told reporters on the sidelines of the 23rd meeting of the National Steel Consumers' Council.

Steel Minister Virbhadra Singh said that though steel is a deregulated sector, public sector steel companies still manage to maintain some influence on its rates.

"I'll not allow steel companies to form a cartel through steel PSUs like SAIL and RINL, though some influence on prices will be there," he said.