Meanwhile, anticipating a major intervention from the government on spiralling prices, steel producers have already begun expressing their concern on the entire situation. Some of them are understood to have already told the ministry that they would speak to the dealers. The producers expressed their readiness to initiate measures to contain prices including restricting supply to secondary producers for exports, increasing further supply for domestic sale, compelling retailers to sell steel products at reduced prices, preventing retailers from hoarding and charging high prices besides continuing to exercise self-restraint on exports. “As a result, retail prices of HR coils would come down,” sources said.

•Steel prices have shot up by 10 per cent in the retail market in June

•If primary producers such as Tata Steel, JSW and RINL have not increased prices, the rates should not have gone up in retail as well

•Prices are actually rising at the dealers’ level