Mumbai: Steel prices are likely to increase in the months ahead amid growing demand, a top industry official said on Saturday.
"Steel prices may pick up in the months ahead as China and India have already started showing real demand growth. The good news is that the infrastructure sector is picking up," Tata Sons' Director Jamshed J Irani told reporters on the sidelines of a function here.
Tata Steel's products would be more in demand in the coming days, he observed.
On production, he said India's steel production may rise to 80-100 million tonnes (MT) from 60 MT over the next two years.
On greenfield steel projects in the country, Irani said the main problem being faced by the companies is land acquisition.
"One of the major reasons affecting establishment of greenfield steel projects is land acquisition, combined with rehabilitation and resettlement," the former Managing Director of Tata Steel said.
Mega steel projects like Posco and ArcelorMittal have been facing trouble in setting up their plants in Orissa and Jharkhand due to land acquisition problems.
"Land reform is essential to speed up steel projects," he said.