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Home arrow News arrow Regional arrow Rising steel prices draw protests from cycle manufacturing industries
Rising steel prices draw protests from cycle manufacturing industries Print E-mail
Written by Viswanath   
Thursday, 07 February 2008
Ludhiana: Effigies of Finance Minister P Chidambaram and Steel and Chemicals Minister Ram Vilas Paswan were burnt by representatives of cycle manufacturing and engineering industries  protesting  against the Central Government's failure to control rising steel prices.
 
Charanjeet Singh Vishwakarma, President, United Cycle Parts and Manufacturers Association, said that the price of steel has gone up by 25 to 30 percent and small industries that earn a profit of two to three percent cannot bear the brunt of such an increase.

Steel manufacturers like Tata Steel, Essar Steels, JSW Steel, Bhushan Steel, Uttam Galva and the Steel Authority of India were forced to increase the price of steel as a result of the 22 percent increase in the prices of coal, coke and iron ore- key ingredients used to manufacture steel.

The Steel and Chemicals Minister Ram Vilas Paswan said that the decision of the steel manufacturers to increase prices would be reviewed next week.

To offset the rising input costs, Paswan has proposed that import duties on scrap iron ore be reduced from 5% to  zero.

Steel prices are set to rise globally as a result of increase in the prices of raw materials. In the last three years, prices of raw materials increased by 300 per cent and the demand for steel from infrastructure and manufacturing sectors has continued to rise.

To meet  the domestic demand for steel, India  will be investing 500 billion dollars in the next five years to double its steel manufacturing capacity to 100 million tonnes by 2012.

 
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