Chamber has called a meeting of the Executive members of the chamber dealing with the Steel Industry regarding Rising of Steel Prices. The members are feared and are in the doldrums due to increase after the GST implementation.
Sh. Upkar Singh Ahuja, President, CICU apprise the members about the problems being faced by the Micro and Small Industry Manufacturing Items by using Steels as a raw material. He said that daily increase in the prices of steel is hitting MSME units manufacturing auto parts, bicycle and its parts, Sewing Machines, Electrical Machinery, Textile Machinery, Fasteners, Hand Tools and other products by use of the steel. Industries are reducing their production due to uncertainty of the steel prices. He further said that there is an increase 35% in the steel rates during the one year.
Sh. Rajnish Ahuja and Sh. R.C Ralhan said that we should take the delegation to meet Hon’ble Finance Minister, Steel Minister and Secretary Steels for intervention in the matter. They informed that Govt. of India is encouraging Exports of Prime Steel due to the recent bans in the China Industry. They also said that exports of Prime Steel does not add additional value and It should be discouraged/banned.
They further said that there is a lobby of the speculators who control the steel prices by giving the SMS about the prices to the industry. They appealed that this SMS service which encourages speculation should be totally banned. A representation is also given to Hon’ble Chief Minister of Punjab,Captain Amrinder Singh for banning the SMS service.
The meeting was attended by S/Sh. Vinod Dhall, Honey Sethi, Jagtar Singh, Gurdit Singh, Rajat Gupta, Parminderjit Singh Sidhu, Inderpal Singh, S.S Bedi, K.K Garg, Harkesh Mittal and other prominent members.
