Traders want regulatory body to fix steel prices

Gurvinder Singh

Tribune News Service

Ludhiana, March 22

Fluctuation in steel prices has worried the manufacturers and components buyers. The steel industry has demanded the state government should set up a mechanism for fixing the steel prices annually or biannually to ensure stability.

Narinder Bhamra, President, Fastener Manufacturers Association, said, “The industry is going through a tough time due to frequent changes in steel prices. The government must set up a regulatory body to determine steel prices.”

He said when the public sector firms increase the prices the small units followed the suit. As a result, the profit margins of the manufacturers decline because they have to deliver according to the contract, he said.

Rajiv Jain, General Secretary, UCPMA, said the prices should be fixed by the government at least every six months to check sudden rise. He rued the government had not paid any heed to their demand of setting up a regulatory body.

Taranbir Singh of Everready International, a bicycle parts manufacturing firm, said, “The profits have shrunk with rise in prices. The prices of finished goods have also increased affecting customers.”