Steel industry reeling under hiked prices

The hike in the rates of raw materials used for making steel has left industrialists fuming once again, as ever since June 1, the rates of different raw materials have been increased by almost Rs 1,500 per tonne. The industrialists are blaming the steel cartels for the hike at a time when the industry is already facing a slump. Jaswinder Thukral, president of Janta Nagar Small Scale Manufacturers Association, said, “This is indeed a worrisome situation. Since the past one year alone, the cost of raw material for making steel has shot up as high as Rs 15,000 per tonne in some cases. But Central government and ministry of steel are watching the industries being destroyed by the steel cartels. In the month of June too rates of different type of raw materials saw a hike between Rs 500 and Rs 1,500 per tonne which is shocking.” Jagbir Singh Sokhi, president of Sewing Machine Development Club also added that it was high time since steel ministry wakes up and takes stock of the situation