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New Delhi, July 16: : The Indian government, striving to calm soaring inflation, will meet steel firms to discuss ways to help metal consumers without hurting producers, Steel Minister Ram Vilas Paswan said on Wednesday.
In May, steel companies such as state-run Steel Authority of India, Tata Steel, JSW Steel and others promised to hold prices for three months to help the government cool prices.
"We won't want steel producers to face losses because the steel industry is at its peak, but we will also safeguard consumer interest," Paswan said.
Tata Steel Managing Director B. Muthuraman said steel prices in India were 15,000-20,000 rupees ($350-$450) per tonne below global rates.
Despite the price moves by steel firms, data from an official body, the Joint Plant Committee, showed many product prices had risen by about 9 per cent since mid-May.
"Although large producers have cut prices, smaller companies, who are acting as dealers, have not cut prices in that proportion," Paswan said.
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