According to Mr. Ram Vilas Paswan, the Union steel Minister of India, the prices of steel will not increase till the first week of August 2008. This conclusion is based on an agreement between Dr. Manmohan Singh (The Honorable President of India) and the steel manufacturers. Though there is a considerable hike of steel prices in the International market, Indian steel prices will remain unchanged till August.
“If the raw material prices increase in the International market, domestic steel producers will have to revise their rates too” , said Mr. Paswan. Moreover, a steel monitoring committee is represented by the Ministry to monitor the prices of various steel products.
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