Would purchase from Primary Steel Industries only if we increase our prices: Secondary Steel Industries to KNN

Kolkata, Feb 2 (KNN) A month after Government has increased the Minimum Import Price (MIP) on Steel, the steel companies are all set to increase the price of steel. The downstream steel industry is saying that they would buy the products from the primary steel industries only if they are able to pass on the additional cost burden to the consumers.

Talking to KNN, the Executive Director of Steel Re-Rolling Mills Association of India, Gandhi Sircar said, “The Primary Steel companies are bearing the losses right now and they are planning to increase the cost of the products.”

He explained that only if the secondary industries will be able to successfully match the selling price and purchasing price, they would buy from the primary industries.

He said that Government has proposed the investment in road and highways which can bring back ‘ache din of Re- Rollers’.

The MIP imposed by the government has to be followed by all, he added.

The first round of increase in a long while was initiated on February 4, a day before the government imposed a minimum import price (MIP). On February 5, the government had imposed an MIP of $341-$752 a tonne on certain steel items, with the aim of halting cheaper imports that had landed the industry in dire straits. (KNN Bureau)