Tata, Sail not to increase steel prices

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Jamshedpur/Bokaro, April 22: India's top two steel producers SAIL and Tata Steel, who together account for over 40 per cent of the market, on Tuesday said they would hold prices at the current level to help fight inflation.

The decision of the two Companies came within hours of Prime Minister Manmohan Singh asking the steel industry not to manipulate market for short-term gains.

"I would advise our steel industry to take a long term view and not fall prey to the temptation of seeking windfall gains from market manipulation in a period of excess demand," Singh said at Jamshedpur, where he participated in Tata Steel's centenary celebrations.

"In view of the suggestions made by the Prime Minister... Tata Steel will hold the prices of its steel production at current levels for the next 2-3 months," Tata Steel, the world's cheapest steel maker, said in a statement.

Earlier in the day, market leader Steel Authority of India announced it would not increase the prices of steel products for the next two-three months.

In Parliament, Finance Minister P Chidambaram charged the steel producers with 'cartel-like behaviour', amplifying the government's anguish at rising prices of the alloy, which has in turn fuelled inflation to a three-year high.