Price hike in prices of iron & steel by Rs.7,000 PMT is unjustified: Industry

Ludhiana, December 27, 2017: Emergent Meeting of various associations led by Fastener Manufacturers Association of India ( Regd) , CICU, UCPMA took place at Punjab Trade Centre Punjab. All present were of the opinion that the price hike in prices of iron & steel by Rs. 7,000/= PMT is unjustified as prime steel producers made cartel to take undue advantage. Representation to Prime Minister of India & Finance Minister of India was sent to check price hike. It was suggested that export duty on exports of steel be imposed, Formation of steel regulator, invoking of Essential commodities Act, Banning export of Iron ore & Sponge Iron, Custom duty on import of scrap be lifted. It was unanimously decided by all present that if our demand are not met, entire trade & Industry of Punjab will hold dharnas & indefinite hunger strike from 11th Jan’ 2018 onwards if our demands are not met & suitable action to control prices of steel are not taken. Present in meeting was Narinder Bhamra – President FMAI, Kuldeep Singh – Gen. Secretary – FMAI, Upkar Singh – President – CICU, Charanjit Vishwakarma – UCPMA, Jatinder Singh Panesar – Daba Road Association, Rupinder Oberoi- Industrial Area C Association, Ram Lubhaya – Industries welfare association- Focal point, Gursharan Singh – Jallandhar Chamber, A. Gulati form Amritsar Chamber, Jugal Kishore , Atul Sethi, Narinder Khurana, Girish Gupta, Mohit Arora, Jaswinder Jassi, Karan Lamba, Pulkit Loomba, Anil Mittal etc were present in the meeting.