The Association of Indian Forging Industry (AIFI) has urged the government to ban exports of steel and iron-ore as high steel prices are impacting the forging industry adversely in the country.
The widespread disruption caused by the Covid-19 pandemic has affected the automobile industry and in turn the automotive components and forging industries. While the industry was reviving post the pandemic, the increase in steel prices is now hammering the forging industry in India.
To manage the impact, forging steel manufacturers have hiked prices by 10 percent over the last six months, and have now sought a further 15 percent increase. While the initial increase itself was all but impossible to sustain, the further increase will prove to be disastrous, says AIFI.