Excerpts from CNBC-TV18’s exclusive interview with SK Roongta:

Q: Have the government measures to control steel prices been effective?

A: They have been effective; the open market prices of some of the steel categories have come down and there is a general sentiment towards softening of the steel prices.

Q: How much do you see the prices correcting? You said they have come down by 17%-18%, how much do you see them correcting by from here on?

A: For reinforcement of steel, which is used for general construction as well as for builders, across the country. The peak levels prices have softened by about 15% to 20% and that’s good for the consumers. Going by the international price trends, there may not be any major corrections downwards but this itself is a big relief.

Q: There continues to be talk about steel carteling operations - now is it possible at this point in time to actually have a curtail in operation in India?

 A: I can say that for my company, my company has never ever been party to any cartel, nor shall we ever be.

Q: Is it possible to cartelize in India at this point in time?

A: I can say that steel imports are allowed freely and the OGL (Open General Licence) with nil import duty; even some developed countries have got 2% or 1% duties - so consumers have the choice to go in for imports.

Q: So in effect you are saying that it is not possible to operate as a cartel in India at this point in time, is it?

A: Cartel means you try to create artificial shortages by adjusting your production and restraining supplies. At this moment, steel companies are making profits so why should they restrain supplies. But as I mentioned, I can say for my company we cant even harbor a thought of cartelization.