Cabinet to discuss measures to rein in rising steel prices

The Cabinet Committee on Prices (CCP) is expected to meet today to discuss measures to rein in rising steel prices.

New Delhi, Apr 15 : The Cabinet Committee on Prices (CCP) is expected to meet today to discuss measures to rein in rising steel prices.

Earlier on April 11, Commerce and Industry Minister Kamal Nath had said, "The Government is looking at ways to check soaring steel and cement prices by withdrawing incentives for exports of steel. Any ban on the export of iron ore would not impact domestic steel prices, which have been rising strongly."

Nath had requested Prime Minister Manmohan Singh's intervention in reducing steel prices without hurting the export of iron-ore and not to go ahead with the proposal of imposing export duty on iron-ore.

The measure was being contemplated to discourage exports of steel and control domestic prices.

India has imposed export duties of 300 rupees per tonne on high-grade iron ore and 50 rupees for low grades, but steel firms, worried about future supplies, have been lobbying for a hike in the export duty or a ban on exports.

India's inflation soared to its highest 7.41 per cent in more than three years for the week ending March 29, sending bond yields to nine-month highs.

ANI