The government recently decided to impose an export duty on steel products following a sharp rise in prices.
Prices have gone up by as much as 49 percent in the past a year, triggering concerns that it was augmenting inflationary pressures on the economy. Earlier, the government had charged the steel industry with cartelisation and for raising the prices of the metal in tandem. Leading steel makers who formed the Indian Steel Alliance (ISA) as their umbrella organisation dissolved it amid fears that the industry was indulging in cartelisation.
ISA had been on the forefront of a campaign against imposing export duty and setting up a regulator for the industry.