Fasteners Suppliers & Manufacturers Association holds meeting to discuss impact of steel price hike on industry

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Ludhiana, December 26, 2017: To discuss the impact of steel price hike on industry a meeting of Fasteners Suppliers & Manufacturers Association was held today at Cycle Market , Ludhiana.
In last one month the steel princes increased to around 4000 Rs per ton, which is around 12%.
This is highest increase in steel prince in month for last 10 years.
Due to this the prices of Bicycle will be increased to around 150, the prices of nuts and bolts will increase around 15%.
This move will increase the troubles for steel consuming industries.
The manufacturers supplying to big companies and government departments are in deep trouble due to steel price hike.
The exporters are also in tight situation due to rising steel prices.
In one voice all condemned the role of central government in enhancing the steel prices in country.
The cartel of steel naming Indian Steel Alliance is responsible for this increase.
The government steel companies Steel Authority of India Ltd and Rashtriya Ispat Nigal Limited are also the part of this cartel.
The prime steel companies are creating shortage which is leading to the black marketing of prime steel products.
The secondary steel mills are also enhancing the prices of their products on the tune of public steel companies.
The members decided to raise their voices through media, to write to concerned ministries, To discuss the matter with local steel producers,
The members were of the opinion that early hunger strikes for steel remained flopped as the matter is concerned with central government.
It was decided that the members will stop procuring the steel to cut the demand,
It was further decided that the organization will write to the government to compensate the exporters and the manufacturers supplying to government departments.
The members also raised the concerns that when none of the raw material increased then why the public steel plants enhanced the prices of steel. So there is a dire need to form a Steel Regulatory Authority.
It was further decided that the government must requested to decrease GST on steel so as to cut down the cost of steel products.
Badish Jindal President Federation of Punjab Small Industries Associations, Rajkumar Singla President Fasteners Suppliers & Manufacturer association of India, Pankaj Aggarwal, Munish Sachdeva, Iqbal Singh Kathuria, Arun Gupta, Harjit Singh, Rajnish Kumar, Bipin Aggarwal, Raghubir Kumar, Sukhraj Singh and Rahul Aggarwal were present at the meeting.

Date: 
Tuesday, December 26, 2017