FICO appeals govt to ban steel export to help domestic manufacturers

Ludhiana, Mar 19 (KNN) In wake of the rising steel prices, Federation of Industrial and Commercial Organisation (FICO) has urged the Steel Minister to ban export of steel to help indigenous manufacturers.

FICO, Chairman, KK Seth, and President, Gurmeet Singh Kular, have requested Prime Minister Narendra Modi and Ram Chandra Prasad Singh, Minister of Steel, to intervene and stabilise the steel prices.

The industry and consumers are drastically hit by the increase in prices of steel which has hiked by over Rs 10 per kg in one month.

Senior officials of FICO, Seth & Kular said, the rise in steel prices is unjustified with MSMEs, as previous orders have not been completed, the industry have to purchase steel and iron at renewed prices. 

Such regular hike is dangerous for the industry which has majorly impacted the local manufacturers, losing its competitiveness in the international market. 

They pointed out that despite being rich in iron ores, steel prices are increasing exorbitantly which will lead to major loss of the economy if the government doesn’t intervene. (KNN Bureau)