Chidambaram: Standby mode

New Delhi, May 15: The government today said it had not received any proposal to cut the export duty on steel, a day after secondary steel producers agreed to cut prices on all flat products and galvanised sheets by Rs 4,000 per tonne.

“I have not received any formal proposal from the ministry of steel. If there is rethinking, I suppose the ministry of steel will send me a proposal,” finance minister P. Chidambaram told reporters. He said the export duty was imposed on the recommendations of the ministry of steel.

Cement prices

According to Chidambaram, there was scope for a further reduction in cement prices.

Cement manufacturers yesterday agreed to cut prices by Rs 7.5 per 50-kg-bag. “I do think that there is scope for a significant reduction in cement prices,” the finance minister said.

Chidambaram, however, ruled out any cut in the import duty on crude oil, which is trading around $125 a barrel in the global futures market.

“A mere reduction in the import duty on crude oil has no impact on administered prices,” he said.