Increase in steel prices, cause of worry: Consumers

Although steel prices in the international market have come down due to sluggish demand which is the aftermath of the global wars involving several countries but the secondary steel producers in the country, through a monopolistic approach, have hiked the prices by Rs 3500/4000 PMT over the last 10 days. The steel consumers in the city have expressed concern over the rising prices of steel.

Pankaj Sharma, president, Association of Trade and Industrial Undertakings (ATIU), said the industry was worried over the exorbitant prices of steel.

“This is totally unjustified and unethical. ATIU has appealed to the Centre to take stock of the situation and put a continuous vigil on such situations otherwise the engineering industry comprising auto-parts, bicycles, hand tools, sewing machines, agri-parts etc, especially from the MSME sector, will be in a huge trouble,” Sharma said.

Recently, a meeting of executive members of ATIU was held to condemn the sudden hike by secondary steel manufacturers. Members of the ATIU have appealed to all secondary steel manufacturers to refrain from undue hikes and help manufacturing units to compete in the international market.