Steel Secretary PK Rastogi said steel prices have bottomed out. However, he was quick to add that one can see further cuts in steel prices by Rs 3,000

Steel Secretary PK Rastogi said steel prices have bottomed out. However, he was quick to add that one can see further cuts in steel prices by Rs 3,000 per tonne after June. "Steel prices still higher by 10-15% year-on-year due to high coking coal price. There is a stress on net realisations for steel companies. So, prices may not improve till June."According to him, the steel sector suffered during October-November 2008, but December has been encouraging. "We have seen an increase in production by 5% till October 2008. But production has been hit by 1-2% in the last two months. We expect to see cumulative growth of 3-4% this fiscal." Export for October-December, he said, has been 25-30% lower as compared to last year. "Import has also come down by 15% in October-December period compared to last year." He feels there is an issue of demand picking up rather than any fiscal measure.