Tata Steel Denies Collusion, Cites Global Prices for Steel Hikes Amid CCI Probe

• Tata Steel MD TV Narendran refutes allegations of colluding to raise steel prices, stating domestic prices are tied to global markets and input costs.
• The Competition Commission of India (CCI) is investigating 28 steel companies, including Tata Steel and JSW Steel, for alleged pricing rule violations.
• A Reuters report indicated 56 top officials, including Narendran and JSW MD Sajjan Jindal, were held responsible for price collusion between 2015-2023.
• Narendran emphasized the steel market's transparency, with prices published daily based on benchmarks, and hundreds of players influencing fluctuations.
• The CCI probe began in 2021 following a sharp rise in steel prices post-COVID and complaints from real estate developers about increased construction costs.