Rising steel prices ring bells for cycle-nuts bolts MSMEs in Ludhiana, industry holds meeting
New Delhi, Dec 28 (KNN) Raising concerns over the rising steel prices, an industry level meeting including the Micro, Small and Medium Enterprises (MSMEs) was called recently in Ludhiana.
Commenting over the rising steel prices, says Badish Jindal, President, Federation of Punjab Small Industries said that the steel prices have registered huge price rise in the recent times leading to stress on the sector.
The steel prices have increased over 4000 rupees per ton, highest hike in single month since the last decade, Jindal informed. With the rise in steel price, the dependent industries including the bicycle making industries are to experience the ripple effect.
Citing possible rise in price of the products, Jindal said that an increased 150 rupee per unit bicycle along with a 15 per cent increase in the price of nuts and bolts might happen due to the price rise.
Speculating over the possible reasons for the price hike, the meeting deliberated that some of the major steel firms are impacting the overall availability and creating shortage, which is further leading to the black marketing of the steel products.
Also the meeting called upon the government to take cognizance of the situation in order to protect the small scale industries involved in the sector. (KNN/MG)