"The demand of the steel producers on rolling back the export duty is under consideration and a decision is expected soon," Steel Secretary Raghav Sharan Pandey told PTI. Inter-Ministerial consultations are on in this connection and a decision is likely to emerge soon.
During their meeting with Prime Minister Manmohan Singh last week, steel producers pledged to lower prices of flat products by Rs 4,000 a tonne and prices of reinforcement bars and structural steel by Rs 2,000 and hold the price line for the next 2-3 months. They had reportedly sought withholding of the notification on export duty, which finally was issued and made effective from Sunday .
Tata Steel yesterday renewed its commitment to freeze prices for up to three months, despite the duty notification. However, much to the respite of the government, iron and steel prices declined by 0.1 per cent, according to official inflation data released last week.
The move by steel makers is expected to soften the prices of steel which might be reflected in the data in the coming weeks. The producers have said that rising input costs was the main reason behind the recent spate of price rise and sought the government's intervention in ensuring assured raw material linkage at mutually-agreed rates.
