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05 June 2022

Steel rates go down further, bizmen happy

Steel rates go down further, bizmen happy

Ludhiana: With little less than two weeks of the Centre taking measures of duty imposition on export of certain steel and waiving off import duty from raw material used for steel manufacturing

Rates of different kinds of metals used by the engineering goods manufacturers have registered further reduction. The businessmen are jubilant over the development, but they are of the view that steel manufacturers should announce combined reduction at one go because frequent change in rates was causing problems.

Giving more information about the current rates of different types of steel, Raj Kumar Singla, president of Fastener Manufacturers Association, Ludhiana, said,

“The rate of cold rolled wire that was Rs. 83,000 per ton has now dropped to Rs. 73,000, while the rate of hot rolled coil, which was Rs. 76,000 per tonne. is now Rs. 64,000. Similarly drop has been witnessed in the rates of HR sheet that earlier was available for Rs. 77,000 per ton is now trading at Rs. 65,000 per tonne. The rate of several other metals like aluminium, too, have registered drop and it is now Rs. 140 per kg as against its earlier rate of Rs. 170 per kg. The reduction in rates is a very welcome step, but the companies should reduce the rates at one go.”

According to Nitin Sharma, executive member of Auto Parts Manufacturers Association , Ludhiana, “The rates of steel, other metals and allied raw material have dropped during last two weeks due to the impact of the decisions taken by the Union government. The situation is becoming good for the engineering products manufacturers, but at the same time the frequent change in the rates is impacting our business as everytime with the rate change we have to redo our calculation of the cost of production. Therefore, the government should press upon the steel manufacturers and their dealers that rather than reducing rates slowly and on daily basis they should announce the combined reduction once and for all.”

Source:  https://timesofindia.indiatimes.com/city/ludhiana/steel-rates-go-down-further-bizmen-happy/articleshow/92011864.cms

This Post was originally published on  timesofindia.indiatimes.com