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Steel prices in India to move up gradually - Dr Irani

Dr JJ Irani director at TATA Sons in an interview with CNBC-TV18's said that steel demand in India was far exceeding the supply in the country and added that he expects steel prices to continue its gradual up move.

China, the world's largest producer and consumer of steel, recently saw a cut in production; this setback has been healthy for global steel prices. But, Dr Irani expects Chinese production to soon be back to its normal levels. He however, feels this wouldn't be a disruptive force to steel price. Dr Irani added that he sees global steel prices breaching USD 700 per tonne.

Illegal mining has given rise to state governments asking for a ban on iron ore exports. Dr JJ Irani feels a ban on export is necessary. The central government, however, says that imposing a ban on iron ore exports would be unfair.