Manufacturers demand relief as steel prices rise

Ludhiana, September 24

Manufacturers of fasteners, auto parts, cycle parts, engineering goods etc., which heavily depend on steel as raw material or steel components, have expressed their concern over the rise in steel prices. Narinder Bhamra, president, Fastener Manufacturers’ Association of India, said, “Livelihood of crores of people depends upon steel directly or indirectly. Local steel manufacturing plants are also following the suit and are increasing the price in line with increase by prime steel producers..”

Bhamra requested the government to that to save the domestic industry, export duty on steel may be imposed so that prime steel producers can cater to domestic market.

He added that government should form a steel regulator so that prime steel producers can’t increase prices arbitrarily. The provision of Essential Commodities Act can be invoked to check the malpractices by prime steel producers. The five per cent custom duty on import of iron & steel scrap should also be reduced, suggested Bhamra. — TNS