Business Daily from THE HINDU group of publications
Saturday, Jan 06, 2007
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Business Daily from THE HINDU group of publications Saturday, Jan 06, 2007 ePaper |
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Steel Industry & Economy - Consumerism Steel cos told to publish price lists Our Bureau
New Delhi , Jan 5 Steel manufacturers will now have to be more transparent whenever they effect any change in prices. The companies have been told to come out with a formal price list and also put the changes in prices in their respective Web sites. The decision was taken at a meeting of the steel price monitoring committee here earlier this week. The committee comprises representatives from the Ministry of Steel, steel producers and consumers. As of now, the public sector Steel Authority of India Ltd comes out with formal price lists in case of changes while the private sector companies often do not do so. Consequently, the consumers raised the issue at the meeting following which the decision was taken.
Not for regulation
It was, however, clarified that the move was not aimed at regulating prices. "Prices would continue to be determined through the mechanism of market forces but the changes should be effected through public announcements. This was not opposed by any one," an official in a steel manufacturing company, who attended the meeting, said.
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