§ Mr. Tinnasked the Minister of Power if he has now early warning of any proposed increases in steel prices on account of devalution.
§ Mr. MarshThe British Steel Corporation inform me that they have no present intention of proposing general increases in the price of their iron and steel products as a result of devaluation. They have however given me early warning of limited increases in the price of iron and steel products containing the imported coating and alloying elements tin, zinc, nickel, chrome and molybdenum, the cost of which has increased following devaluation. The main average increases are:
Tinplate 1 per cent. Galvanised sheet ½per cent. Galvanised tubes 1 per cent. Galvanised wire and wire products under ½per cent. Alloy steels 2½ per cent. Stainless steels 5¾ per cent. The Iron and Steel Consumers' Council have no comments to make on these proposals and I am satisfied that they comply with the criteria in the White Paper," Prices and Incomes Policy after 30th June, 1967" (Cmnd. 3235). They will accordingly come into effect on 19th February after the Corporation have published the full amendments to their Price Schedules on 15th February.
I am today telling the private sector steel companies that from 19th February it would be in accordance with the Government's prices policy for them if they so wish to charge prices for these products at the new levels established for the Corporation by these increases.