According to Indian Stainless Steel Development Association (ISSDA), amid concerns that the government may curb exports to contain rising inflation, stainless steel makers said that there is no dearth of the commodity in India and as such they should not be treated at par with the carbon steel industry which is facing flak for raising prices. ISSDA's letter assumes importance as Steel Minister Ram Vilas Paswan has recommended curbing exports of finished steel besides hiking duty on iron ore export. "In view of major concern of the government about spiraling inflation and rising steel prices, stainless steel should be examined in exclusive separation in terms of its supply and demand in the country," ISSDA President N C Mathur said in a letter to Finance Minister P Chidambaram. Pointing out that nearly 30% of stainless steel is exported from India after meeting domestic demand, Mr Mathur reminded that Indian stainless steel producers had increased prices in May last year owing to record-breaking high cost of nickel, but following reduction and stabilisation of nickel prices they reduced prices and passed it on to consumers. |
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