Centre urged to establish 'Steel Regulatory Authority'

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Coimbatore, Apr 24 (UNI) Various associations under building construction sector today urged the Union Government to establish 'Steel Regulatory Authority' to ensure fair trade practices and control the steel price which had increased by 50 per cent in the last three months.

Talking to newspersons here, Builders Association of India (BAI) Coimbatore Centre Chairman Srinivasan, former President of Association of Consulting Civil Engineers (ACE) K Subhash, Indian Institute of Architects (IIA) President O Lakshmanan and Coimbatore Property Developers Association (CPDA) President C S Ramasamy told newspersons that the state and the Centre were mute spectators in the unprecedented rise in the prices of the steel and cement.

There was no shortage of materials and no serious supply-demand mismatch, they said, adding that it was clear that companies, who were not concern about consumers, had hiked the prices by adopting unhealthy market practices, and raised the prices of the cement to 45 per cent and over 50 per cent to the steel.

It was necessary to have a regulatory body for the steel sector, he added.

Despite the government's assurances, there was no sign from the producers to reduce the prices, he alleged.

To a question, Mr Srinivasan said import from Pakistan had helped reduce the prices to a certain extent. Otherwise it would have touched Rs 300 per bag.

He said BAI would conduct an all India meeting in Thiruvananthapuram on May 11 to decide future course of action, including stoppage of construction work.

He said the Steel Authority of India had assured that they would not increase the price in the next three months.

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