Engineering goods makers hopeful of reduction in steel prices after assurance from Goyal

Ludhiana: Engineering goods manufacturers of bicycle parts, hand tools and auto parts from the city welcome Union minister for commerce and industry Piyush Goyal’s appeal to steel makers to explore the possibilities of offering relief to small industries and exporters. Goyal made these remarks during a meeting held at Delhi on Thursday, in which industrialists from Ludhiana also participated.Union minister of steel, Ram Chandra Prasad Singh and minister of MSME (Micro Small and Medium Enterprises) Narayan Tatu Rane were also present.
Upkar Singh Ahuja, president of Chamber of Industrial and Commercial Undertakings (CICU), said, “The meeting chaired by Union minister Piyush Goyal was very successful and we are thankful to the minister for taking prompt action on our December 6’s request. As the representatives of prominent steel makers, including SAIL, Rashtriya Ispat Nigam Limited, JSW Steel Limited and Tata Steel were present in this meeting, it is very likely that minister’s request will be accepted and rates of steel will come down soon.”
According to S C Ralhan, president of Ludhiana Hand Tools Association, “After a lot of discussions, it was decided to reduce the prices of steel by the main producers Rs 4,000 per tonne. After personal discussions among the steel manufacturers, they came out with the proposal to reduce the price by Rs 1,500 per tonne, but the minister was insisting for reduction of Rs 4,000 per tonne. He sent a word of caution to the steel manufacturers to check the data and steel manufacturers later on settled at Rs 3,000 per tonne. The minister is still insisting at Rs 4,000 per tonne. The reduction will be announced in a day or two. Further, steel manufacturers have confirmed that the prices of steel will be fixed on monthly basis. This is a great news for the industry, specially MSME sector, as there has been a huge increase in the rates of steel raw materials.”