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Iron & steel costs soar, industries seek Centre’s aid.

Date: 29-08-2020
Subject: Iron & steel costs soar, industries seek Centre’s aid
Since the lockdown, there has been a sharp increase in the prices of different kinds of raw material, especially ferrous and non-ferrous metal, ranging between 10% and 25%. The Gurgaon Industrial Association (GIA) has now written to Union minister of steel Dharmendra Pradhan, seeking his intervention and a policy to regulate the procurement of raw materials for the industries. 

Owners said they are still struggling to revive their industries after the lockdown. 

“In case of iron HR coils, the steel producers have already increased the prices by approximately Rs 7,000 per ton with effect from July 1 in intervals till today on the pretext of increased input cost, such as iron ore,” said Major KC Sandal, a city-based industrialist and GIA vice-president. 

Sandal added that re-rollers are now being offered at Rs 53,000 per ton for an iron cold-rolled sheet and coils — an increase of Rs 10,000-Rs 12,000 per ton from the pre-lockdown cost of Rs 42,000 per ton. The hike has been the same for the steel parts used in the process of manufacturing as well. 

“Aluminium ingot and section prices are up by Rs 20,000 and prices of plastic raw materials have also been increasing every week after the lockdown,” said Rajeev Bansal, another city-based industrialist and a GIA member. He hinted that in the case of stainless-steel raw materials, a single company has the monopoly in the market. 

“These tendencies of major manufacturers are making things worse for the industries in a post-Covid world. Moreover, there is black marketing as material is in short supply in the market as producers prefer to export to overseas markets, creating a huge gap in demand and supply,” said JN Mangla, GIA president. 

The association wants the government to take a cue from other countries that are offering subsidies to industries, and especially to exporters. “We need policies and measures that take the industry out of this despondency so that they can also play in the international market and realise the vision of a self-dependent India,” said Mangla. 

Source:- timesofindia.indiatimes.com

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