New Delhi, Apr 17: The government today said there is no evidence of cartelisation by the steelmakers and that there is no "formal proposal" to set up a regulator for the sector.

"The steel prices are determined by market forces, such as demand and supply and international prices...However, no evidence on cartelisation by steel companies in determining steel prices has been brought to the notice of the Ministry of Steel," Minister of State for Steel Jitin Prasada said in a written reply to a query in the Lok Sabha.

"At present the government has no formal proposal for setting up of a regulatory authority to contain the steel prices in the country," he pointed out.

Prasada said following deliberations with the steel industry, prices of different long products including bars, rods and structurals have come down by Rs 4000 to Rs 5000 per tonne between March 25 to April 12 this year.

In percentage terms, such decrease amounts to about 10 per cent, the minister said.

"The government is closely monitoring the movement in steel prices and will take appropriate fiscal measures if necessary," he made it clear.

He said the steel sector is de-regulated and, therefore, the prices are determined by the interplay of market forces. Steel prices are determined by demand-supply situation, international prices as per landed cost of imports and input costs, he said.