Steel price control not on cards, prices to come down: Rastogi

New Delhi, Sep 12 (UNI) The government today said it is not looking at a price control mechanism for steel, and expects its price to come down following the softening global trend.

''We do not fix steel prices, and do not favour any price mechanism for the same. The government would like to play a facilitatory role,'' Mr Rastogi said on the sidelines of CII Steel Tube Summit.

He said the domestic steel prices should further come down on the account of softening global trend.

During the current fiscal, steel demand has grown by 12 per cent, but the production grew only by six per cent.

''There is a demand-supply gap of six per cent which needs to be fulfilled by imports,'' he said.

Currently, the domestic steel production stood at about 55 million tonnes.

The Secretary said there is a need to import over three million tonnes of steel to fulfill the growing demand.

The government had earlier levied export duties on steel products in order to increase the availability of steel in the domestic market.

Mr Rastogi informed that miners have agreed for a long-term contract for supplying iron ore to steel firms, but the talks between the miners and steel producers have not yet concluded.

The government is for a long-term arrangement between miners and steel producers so that iron ore is supplied at a reasonable price, so that the price of the final product comes down, he said.

UNI SBA SG RAI2106