Manufacturers’ distresses over the increase in steel prices in India
China being the biggest steel exporter will soon get ruthless superiority in the steel market globally since the steel prices in the India are constantly increasing troubling the steel industrialists of Punjab that if it continues that will overthrow the Make in India project. In the past six months, the prices of steel have boosted around 45%.
The steel prices all over the world are going down due to the sanctions put up by US on imports of steel and aluminum but in India, non-performing assets are given benefits which led the prices of steel going high, according to MD, Euro Forge, Amit Goswami. Adding more to this, he stated that 50% hand tool production has decreased because of overstated prices due to which the money being put for the production goes from our pocket so that in future we will get orders from foreign countries.
The increase in steel prices will influence other sectors linked with it like auto parts, machine tools, hand tools, construction material, etc. illustrations are being referred to the ministry responsible to it to know the reason of growth in steel prices. The price excluding GST has reached to RS 47000 per tonne, if including 18% GST, would increase to RS 55000 per tonne.
The same issue bothered Chairman, Exports and International Business, Baddi Barotiwala Nalagarh Industries Association, Sandeep Verma that if price of steel remain all-time high, it will affect job losses of many individuals, which will upset the process of production and this problem could be solved if the Steel Regulatory Commission should be constituted by the government. Union steel minister was given the representation by the industrialists to find out the increase in price, and being stated that MSME were fully overlooked while SAIL assisted few customers.