Indian steel firms have agreed to hold prices at current levels, Steel Secretary Pramod Rastogi told a business conference on Friday, giving a boost to government efforts to curb inflation at a 13-year high.
Firms in the world’s fifth-largest steel producing nation have been battling soaring costs of key inputs like iron ore and coal, but have been holding prices since May to help rein in double-digit inflation, which crossed 12 percent in late July.
“The government had initiated a number of fiscal measures to check prices and steel companies had agreed to hold prices and restrain exports. They have now agreed to hold prices further,” Rastogi said.
Officials of Tata Steel Ltd (TISC.BO: Quote, Profile, Research, Stock Buzz), state-run Steel Authority of India Ltd (SAIL.BO: Quote, Profile, Research, Stock Buzz), JSW Steel Ltd (JSTL.BO: Quote, Profile, Research, Stock Buzz) and Ispat Industries Ltd (ISPT.BO: Quote, Profile, Research, Stock Buzz) said on Thursday they would hold prices in August, even as the self-imposed moratorium ended.
But some company officials said they would review the situation next month. (Reporting by Devidutta Tripathy and Mayank Bhardwaj, Editing by Mark Williams)