look news india
Ludhiana: Steel prices have increased by Rs 3,500 per tonne in the last 10 days, causing anger among industrialists. The increase in steel prices was strongly condemned in a meeting chaired by All Trade and Industries Association (ATIU) President Pankaj Sharma. Sharma said that the sudden increase in steel prices by secondary steel producers has put additional financial burden on mill owners, which industrialists cannot bear. He said international steel prices have been cut by primary steel producers due to sluggish demand, but rates have increased in the domestic market due to pooling by secondary steel producers. Since Ludhiana is a hub of cycle parts and auto parts, this increase will adversely affect the production of manufacturing units. He said that demand for goods has increased due to the festive season but the sudden increase will be unbearable for industrialists and will hamper the production of goods.
He said he appeals to all secondary steel producers to avoid unnecessary increase in steel prices and help the manufacturing units compete in the international market. Sabal Gupta, Rishabh Gupta, Rajesh Mittal, Neeraj Dhamija etc. were present on this occasion.