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New Delhi, September 1:: A correction in steel prices is likely soon on the back of softening trend in global markets, Steel Minister Ram Vilas Paswan said on Monday.
"As per present indications, further correction in the prices of steel is expected," he said at 34th annual conference of the International Manganese Institute.
Paswan said the government has taken certain measures to stabilise prices of steel and is committed to take further steps if the need arises.
Domestic steel manufacturers have been holding the price line of their products since May 7, helping the government in its efforts to contain inflation, which stood at 12.40 per cent for the week ended August 16.
The government shared industry's concern of rising input cost pressure and said that prices of essential raw materials should be maintained at reasonable levels.
"The prices of critical inputs, such as coking coal, have increased more sharply than the prices of steel. This is a cause of concern," Paswan said.
"It is necessary that the prices of steel as well as its raw materials are maintained at reasonable levels to maintain growth momentum in the sector," he said.
Last month, the government had arranged for a meeting between domestic miners and steel producers aimed at having long-term contracts between the two to ensure price stability and supply security of essential raw materials.
Steel Secretary P K Rastogi had last month made a case for further correction in steel prices following a declining trend in the global markets.
Rastogi will meet private steel producers including Tata, Essar, JSW and Ispat to discuss price-related issues.
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