Kolkata, Feb 4 (IANS) The state-owned Steel Authority of India Ltd (SAIL) Thursday said it did not foresee any immediate escalation in steel prices.

SAIL increased the price of its flat products by Rs.500 a tonne earlier this week.

'We don't see any further increase in steel prices. We have already raised it,' SAIL chairman and managing director S.K. Roongta told reporters on the sidelines of a programme here.

Roongta also said India's largest coal miners Coal India has shortlisted S&T Mining -- SAIL's 50:50 joint venture with Tata Steel -- for scouting and developing coal mines.

'Coal India had invited expression of interest and they have shortlisted S&T Mining,' he said.