Business Daily from THE HINDU group of publications
Tuesday, Mar 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 18, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Steel Govt urged to rein in steel prices Our Bureau New Delhi, March 17 Pointing out that steel prices have gone up by over 30 per cent in the last three months, the Indian forging industry on Monday said it would become uncompetitive if the steel prices are not reined in. In this backdrop, the Association of Indian Forging Industry (AIFI) called for policy measures that would discourage the export of steel and iron ore. The AIFI has written to the Finance Ministry seeking a ban on export of steel or levy of export duty, ban on iron ore exports or increasing export duty on iron ore. The AIFI also threatened to approach the MRTPC (Monopolies and Restrictive Trade Practices Commission) against the steel companies. “Steel is the key input in forgings, accounting for about 60 per cent of the input cost,” Mr Vidyashankar Krishnan, President of AIFI and Managing Director of MM Forgings, said. Mr Krishnan said, “If this (price hike) continues, we will have to approach the MRTP Commission against steelmakers who have been hiking prices frequently and in tandem.” Industry survivalMr Baba N. Kalyani, Chairman and Managing Director, Bharat Forge, said that the forging companies are talking to their customers for reimbursing the steel price hikes. “Such steep hikes in steel prices would hit the industrial production growth,” Mr Kalyani said. According to Mr Satish Garg, Managing Director, Sadhu Forging, “Our customers are continuously evaluating their options. Many have pointed out that Chinese component imports are 15-25 per cent cheaper.” More Stories on : Steel
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