India: Steel industry reeling under hiked prices of raw material

India: Steel industry reeling under hiked prices of raw material

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 ton. The industrialists are blaming the steel cartels for the hike at a time when the industry is already facing a slump.

Jagbir Singh Sokhi, president of Sewing Machine Development Club, said, “Union government has failed to address the issue of unnecessary hike in prices of raw materials. Pig iron which was close to Rs 26,000 per ton six months ago is now close to Rs 35,000 per ton and in June alone the rates have increased by almost Rs 1,000 per ton. Every raw material whether its ingot, TMT or coil, rates are skyrocketing from the past few months and it is only due to the nexus of some of the large-scale steel manufacturers with some middlemen who are making money by fleecing innocent businessmen.”

Sokhi also added that it was high time since steel ministry wakes up and takes stock of the situation due to which thousands of small industries are on the verge of closing down.

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 ton 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 ton which is shocking.” 

Related News
  • Seattle Tower To Be Built With Composite Steel Frame

    Seattle Tower To Be Built With Composite Steel Frame

    January 5, 2018Modular "sandwich" system should shave 2 percent off the job's original concrete-core plan.Starting next August, the 58-story Rainier Square Tower in Seattle will be built using an innovative composit...view
  • Vertical Forest Building to Help Solve Air Problem in China

    Vertical Forest Building to Help Solve Air Problem in China

    November 23, 2017Nanjing of East China's Jiangsu province will become the third city in the world where Italian architect Stefano Boeri will build Vertical Forest buildings, which could possibly improve the city's air...view
  • Hesperia Tower--Glass Dome

    Hesperia Tower--Glass Dome

    November 21, 2017The Hesperia Tower is a hotel situated in the district of Bellvitge in L'Hospitalet de Llobregat (suburb of Barcelona), Catalonia, Spain.It has a tower of 29 storeys and 105 metres (344 ft).It was the...view
  • Evolution Of Space Frames

    Evolution Of Space Frames

    November 21, 2017A rising interest towards space frame structures during last half-century has been observed worldwide. The hunt for new structural forms to accommodate unobstructed large areas lead to development of...view
  • Steel frames complete at Trafford Park

    Steel frames complete at Trafford Park

    January 2, 2019Two steel frames with a combined tonnage of 800t have been erected for a flagship Williams Group retail centre for new and approved used vehicles.Situated on a 14-acre site adjacent to the Trafford Ce...view
  • Long Span Spatial Structures Systems

    Long Span Spatial Structures Systems

    November 21, 2017Long span spatialstructures systems provide large areas of open floor space with fewer interior columns. Freedom from interior obstructions allows maximum use of space and operating efficiency. This o...view
  • TEL:+86 516 8595 0258
  • FAX:+86 516 8595 0278
  • Email:marketing01@cnxzlf.com
  • ADDRESS:222, Block B, Diamond International, Guozhuang Road, Xuzhou, Jiangsu, China


Total quantity:801, Total process time:0.21452808 ms


Total quantity:22

Use Memory: 11.5MB

Time-consuming: 0.36431 ms