Paswan :Steel price increase unreasonable

The Government has termed the recent price hike by steel companies as unreasonable and said that it would review the move by February 15.

“The price monitoring committee in the Steel Ministry has already been instructed to look into the recent hike by the domestic steel manufacturers and the report is likely to be ready in the next five days,” the Union Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, told reporters on the sidelines of an event organised by Steel Authority of India Ltd (SAIL).

He added that once the report was finalised, the Ministry would hold a meeting with all the major steel producers, both the public and private sectors, before February 15 to see if the price hike was justified.

“The Ministry does not want the industries to run losses but at the same time we do not want them to hike prices just by saying that the input prices have gone up. So I would like to meet the company representatives and then see if the quantum of the recent price hike is justifiable or not,” Mr Paswan said.

The Minister, however, did not comment on the possibility of a roll back.

Recently steel companies announced a hike of up to Rs 2,500 per tonne across various products, citing higher input costs. Besides high input costs, strong demand in other markets like China, Brazil, Russia and West Asia and also an increase in the international price of the commodity has also held the