FICO and USMPMA opposed increase of Rs.5000 per ton in pig iron

Ludhiana, January 16, 2023: Federation of Industrial & Commercial Organization (FICO) and United Sewing Machine & Parts Manufacturers Association (USMPMA) jointly opposed the increase of Rs.5000 per ton in prices of Pig Iron within the last one week. Inspite of presence of excessive ground stock availability of Pig Iron, and no high demand of Pig Iron in market, the traders have cartelized and consciously manipulated and increased these prices in the local market. 

The sewing machine market is already in the major crisis, and many units manufacturing the sewing machine parts have been shut down, and many others are on the verge on closure, because of unjustified increase of raw material prices in the market. 

It is requested that the government should intervene and form a regulatory committee to control the prices of Pig Iron and other raw materials, and provide relief to the industry. 

Gurmeet Singh Kular President FICO along with D.S. Dhiman Chairman, Gurmukh Singh Rupal General Secretary and Jasminder Singh Finance Secretary of USMPMA were among those present.