Steel makers will honour their commitment to Prime Minister Manmohan Singh to hold prices for three months, but rates will go up thereafter, Vice-Chairman and Managing Director of JSW Steel Sajjan Jindal said on Tuesday, after taking over as Assocham President. "Prices have to go up. We have to go into the global price regime...what can you do if raw material prices have gone up,' Jindal said. Jindal on Tuesday took over as Assocham President replacing Venugopal Dhoot, head of the Videocon Group. Large steel producers had reduced prices up to Rs 4,000 per tonne on request of Prime Minister Manmohan Singh on May 7. They had also agreed to hold the price line for the next three months. The three-month price moratorium expires in August. Jindal said there is a big gap between global and Indian prices. "Today for hotrolled coils, the international price is close to $1,200 per tonne. In India, we are selling it at $850 per tonne,' he said. He said the raw material prices, both of iron ore and scrap, are going up. Scrap is being imported at $800 per tonne, while the selling price is fixed at $850 per tonne. "Either that part of the steel industry will close