Stabilize steel prices, FICO urges central government: The Tribune India

Tribune press service

Ludhiana, March 17

The Federation of Industrial and Commercial Organizations (FICO) has called for steel price stability from the central government.

KK Seth, Chairman, FICO and Gurmeet Singh Kular, Chairman, FICO have asked Prime Minister Narendra Modi and Ram Chandra Prasad Singh, Minister of Steel, GoI to step in and resolve the issue. FICO also asked the Minister of Steel to ban the export of steel to praise local manufacturers.

Steel prices have risen by more than Rs 10 per kg in one month which is unacceptable to industry and consumers.

“Rising steel prices are unjustified with MSMEs. As previous orders have not been fulfilled, the industry has to buy steel and iron at renewed prices. The frequent rise is fatal for the industry as it has made Indian manufacturers internationally incompetent,” they said.

“India is rich in iron ores, despite why steel prices soar so frequently. On the other hand, imports from China are increasing. The closure of the MSME sector will lead to the unemployment of more than nine million workers, which will create an uncontrollable situation across the country. It is high time for the government to stabilize steel prices in the country,” the duo said.

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