FICO demands stability in steel prices from union steel minister

Ludhiana: Federation of Industrial & Commercial Organization (FICO) demanded stability in the steel price from Government of India. Mr. Gurmeet Singh Kular President FICO along with Mr. Rajeev Jain General Secretary FICO requested Shri Dharmendra Pradhan, Hon'ble Minister of Steel, Government of India to personally intervene and resolve the issue. FICO also requested the steel minister to Ban export of Steel for felicitate the indigenous manufacturers.

With the opening of the lockdown, the industry is operational at around 40% of its capacity, due to social distancing and other government SOP’S. Though the demand of the items has increased, but the production capacity of the industry has not increased. Whereas, the steel prices have increased from 8000 - 10000 per ton in last 45-60 days which is totally unacceptable to the industry and the consumers, as the source of income has gone down, the prices of the finished goods have started increasing, which is a direct burden on common man.

Moreover, recently the steel prices have rose by 3000 per ton which is totally unjustified with the MSME’s. Steep hike in steel prices are observed every month, industry is facing huge losses due to it, as the previous orders have not been completed yet, the industry have to purchase steel and iron at renewed prices, frequent hike is very fatal for the industry as this has let Indian Indigenous manufacturers incompetent internationally. India is rich in Iron Ores then why steel prices are being drastically increased so frequently. Government should stabilize the prices of steel in the country.