December 02, 2008

AP sets up panel to review steel prices

BL reported that Andhra Pradesh Government has set up a special panel to review the prices of steel periodically and fix prices according to its availability in the market. Concerned over the spiraling prices of steel and the impact on the construction activities in the state, Dr YS Rajasekhara Reddy chief minister of AP took this decision.

Consequently, the chief engineers’ panel with Mr Kondal Rao will meet on the 5th of every month and according to the quotations received from steel majors such as TATA Steel, RINL, SAIL and other steel units fix a rate at which it would be available in the open market.

The recommended rate would be communicated to the relevant departments and after consultation with the finance department, a GO would be issued. This rate would be applicable for a month.