NEW DELHI: The government will take adequate measures to counter spiraling steel prices after consulting steel exporters, said a top official of Steel Ministry.
Steel Ministry Secretary Raghav sharan Pandey today said that the government would ask steel exporters to formulate tactics to counter the prices. “They have to do more to contain prices” he added. .
The government has withdrawn temporally the Duty Entitlement Pass Book Scheme (DEPB), on Wednesday.
Pointing out that rising steel prices and its inputs, particularly iron ore and coking coal, remain a matter of concern, he said more steps would have to be taken by the industry and government to contain spiraling prices of the alloy. DEPB benefits for steel exporters are slated to end on Monday next.
Suspension of export subsidy available to steel companies under DEPB would fetch the government about Rs 600 crore and go a long way to contain prices and bridge demand-supply mismatch in the sector, Pandey said
Steel Ministry Secretary Raghav sharan Pandey today said that the government would ask steel exporters to formulate tactics to counter the prices. “They have to do more to contain prices” he added. .
The government has withdrawn temporally the Duty Entitlement Pass Book Scheme (DEPB), on Wednesday.
Pointing out that rising steel prices and its inputs, particularly iron ore and coking coal, remain a matter of concern, he said more steps would have to be taken by the industry and government to contain spiraling prices of the alloy. DEPB benefits for steel exporters are slated to end on Monday next.
Suspension of export subsidy available to steel companies under DEPB would fetch the government about Rs 600 crore and go a long way to contain prices and bridge demand-supply mismatch in the sector, Pandey said
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