India Fastener Makers Demand Steel Price Cuts

Jason Sandefur

Confronting a sharp rise in steel prices, fastener manufactures in Punjab, India, have demanded the central government to control inflation, Asia Pulse reported.
Fastener Manufacturers Association of India President Narinder Bhamra warned of street protests if government did not take appropriate action to control prices.
“The government should immediately reduce the custom duty of 5% on scrap so as to ease the pressure on steel prices,” noted Northern India Induction Furnace Association President K K Garg.
Steel prices have risen by almost Rs 2,000-Rs 3,000 per metric ton in recent weeks.
Steel ingot in January has jumped nearly 10% to Rs 28,900 per ton.
Similarly, the prices of scrap and sponge iron have surged to Rs 23,000 and Rs 20,500 respectively.
“Our input cost has increased by 15% during this month alone because of this hike in steel prices,” Bhamra said.
Industry claim that their cost of production have increased by almost 10-15%, threatening closure unless relief is provided. \ �2008 FastenerNews.com