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Monday, March 29, 1999
Steel yourself
EXPRESS NEWS SERVICE
The ongoing controversy over the artificially high floor price for steel imports is getting worse by the day. While it has already been established that the Vasudev Inter-ministerial group recommended a floor price only for seconds and the steel ministry asked that this be extended to prime category steel as well, what's worse is how all concerned kept giving different figures on steel import prices. While the end-user industry, the Cold Rolled Steel Manufacturers Association says the import price from CIS countries in October was $185 a tonne, the inter-ministerial group headed by Banking Secretary C. M. Vasudev puts it at $230. A letter from Steel Minister Naveen Patnaik on November 12, puts the average price at $308, and eight days later, Steel Secretary A. K. Basu puts the average price at $282. Curious.Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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