All Industries & Trade Forum accuses steel cartels of taking undue advantage of Russia-Ukraine war

New Delhi, Mar 30 (KNN) The All Industries & Trade Forum (ATF) has accused big steel companies of taking undue advantage of war between Russia & Ukraine as both these countries export around 52 million tons of steel whereas the export of steel from India is merely 10 million tons.

The trade body has decided to file a complaint in Competition Commission of India against these illegal pricing tendencies of Steel Cartel of India.

Earlier this month, All India Trader & Industrial Organizations had called out price manipulations by steel cartels throwing Indian MSMEs out of export competitions.
The traders are comparing the case of steel to tyre companies wherein they are accusing the Indian Steel Association to be cartel of Indian steel companies and its executive members are JSW Steel Ltd, Steel Authority Of India Ltd, Rashtriya Ispat Nigam Ltd, Jindal Steel And Power Ltd, Bhushan Power And Steel Ltd, ArcelorMittal Nippon Steel Ltd, Tata Steel Ltd & Tata Steel BSL Ltd.

“Steel lobby is the powerful lobby of India which has direct access to the prime minister's office, and unfortunately the Government Sector Steel Companies SAIL & Vishakhapatnam steel plant are also the part of this cartel,” said the trade forum.

This cartel controls the prices of steel in India and even without a change in Iron ore, Coal, Electricity Prices the cartel manipulates the prices of steel in India.

Traders have alleged that these companies are planning to decline the production since 2018, as they also planned cuts in imports and increase in exports which created the scarcity of steel in India. (KNN Bureau)