FICO Opposed Unreasonable Hike in Steel Prices and Seeks Government Regulatory Body to Monitor
The Federation of Industrial & Commercial Organization (FICO) has strongly opposed the sharp and unreasonable increase in steel prices. FICO has demanded that the Government of India form a committee or regulatory authority to monitor and regulate steel prices and keep them at reasonable levels.
City Air News
Aug 22, 2026 07:50
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Ludhiana, August 22, 2026: The Federation of Industrial & Commercial Organization (FICO) has strongly opposed the sharp and unreasonable increase in steel prices. FICO has demanded that the Government of India form a committee or regulatory authority to monitor and regulate steel prices and keep them at reasonable levels. FICO President Gurmeet Singh Kular and General Secretary Manjinder Singh Sachdeva requested H. D. Kumaraswamy, Union Minister of Steel, to personally intervene and take immediate steps to resolve the issue.
Steel prices have increased sharply over the past 15 days, putting a heavy burden on MSMEs. The industry is already facing significant losses due to frequent increases in steel prices. Many manufacturers are still completing orders that were received at earlier prices, but they now have to purchase steel and iron at much higher rates. This is causing serious financial difficulties for businesses. Frequent increases in steel prices are also making Indian manufacturers less competitive in international markets. India has abundant iron ore resources, and therefore, such frequent and steep increases in steel prices need to be examined.
“Steel prices should be regulated through a proper regulatory authority so that the MSME sector can survive. The frequent increase in prices is making it extremely difficult for industries to operate,” said Gurmeet Singh Kular, President, FICO.
FICO has urged the Government of India to immediately form a Steel Price Regulatory Committee to monitor prices, ensure transparency and rationalize steel prices. This will help Indian manufacturers produce goods at competitive and market-friendly prices. FICO believes that reasonable steel prices are essential for Indian industries to compete effectively with manufacturers from China, Taiwan and other manufacturing countries.
