Protest against steel price hike

Ludhiana, October 5

The steel-consuming industry in the city is worried over continuous steel price hike.

Against the ‘monopoly’ of steel producers, the local industrialists have decided to hold a protest at Cycle Market here tomorrow.

Narinder Bhamra, president, Fastener Manufacturer Association of India, told The Tribune that the prime steel producers increased prices based on international market as there is power crisis in China and acute pet coke shortage. “On top of it, the local steel manufacturers, too, have started selling steel at exorbitant prices. We have to shell out approximately Rs 3,000-3,500 more per metric tonne on steel. And working under such financial pressure is becoming really difficult,” said Bhamra. — TNS