The government wants to decrease the steel prices in the domestic market. It has ruled out any possibility of price band on the steel products.

The Steel Secretary, P K Rastogi said that global price of steel is decreasing and its benefit must be delivered in the domestic market of the country. He said that government wants to play the role of facilitator in the price mechanism of steel products. He expressed views in the sidelines of CII Steel Tube summit in New Delhi.

The government intends to promote good relations between the miners and the industry. It wants iron ore supply at a reasonable price to deliver ultimate benefits to the consumers.

Though India is a leading producer of the ore still it will face shortage of ore in the near future. The demand for steel is increasing in the market due to increase in growth of infrastructure sector. India needs to import over three million tonnes of steel to satisfy the demand in the coming years. The demand is growing by 12 percent while production of steel is increasing by 6 per cent only.