Tribune News Service

Ludhiana, December 3

The rise in steel prices has once again irked city industrialists. There has been around 10 per cent rise in steel prices within one month. The spike would make the final products costlier, which will ultimately put burden on the end consumer, said manufacturers.

Badish Jindal, president, FOPSIA, told The Tribune that on November 10, the steel ingot prices in Punjab were Rs 34,500 per metric tonne while today the prices are increased upto Rs 37,700 per metric tonne.

“There is direct increase of around nine per cent in steel prices. Not only in Punjab, the prices are increasing at par in all other states as well. The main steel producers increased the prices between Rs 3000 to 4000 per metric ton during last one month. Not only the private steel plants but the government plants such as Steel Authority or Rashtriya Ispat also increased the prices along with the private players and the manufacturers are to face the brunt”, said Jindal.

Rajkumar Singla, president, Fastner Association, said not just the steel prices but the scrap prices also increased from Rs 27,000 per metric tonne to Rs 32,000 in the past about 30 days.

Jindal said the prices increased to around Rs 10,000 per toonne since May 2020. The All Industries Trade Forum (AITF) has requested the government to ban the export of steel and iron ore and save the local manufacturers.