Ludhiana Induction Furnace Steel Mills Seek Steel Price Regulator
Times of India reported that Ludhiana based steel furnace industry representatives met the new Steel Minister Mr Ramchandra Prasad
19 Jul, 2021 , 3:54 am
Times of India reported that Ludhiana based steel furnace industry representatives met the new Steel Minister Mr Ramchandra Prasad Singh at his office in New Delhi recently and discussed issues being faced by the industry especially the factories located in Punjab including setting up of a steel regulatory authority, which should monitor rates of steel raw material and take action against the persons involved in artificial hike in the rates of steel. Induction Furnace Association of North India President Mr KK Garg said “We met the Union steel minister Ramchandra Prasad Singh today along with welcoming him for assuming the charge of the ministry. We also discussed the problems being faced by businessmen, specially those belonging to the secondary steel sector. W
Bizmen meet new steel minister, demand solution to their problems | Ludhiana News
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In wake of the situation, businessmen are either overdrawing their bank limits or are requesting their dealers to increase credit days till the time the payment cycle resumes back to normal.
LUDHIANA: After the ending of lockdowns in other states and the resumption of the movement of finished goods, the city industrialists are now facing fund crunch. According to businessmen, for over two months, the payments from majority of their customers for already supplied orders remained pending due to lockdown and now they are short of funds to execute the new orders immediately.
In wake of the situation, businessmen are either overdrawing their bank limits or are requesting their dealers to increase credit days till the time the payment cycle resumes back to normal.
Ludhiana: In the last one year, steel manufacturers have suffered a big blow due to uncontrollable rise in the rates of steel. According to them, there has been 20 to 100% increase in the rates of different types of steel products since July 2020, despite a huge fall in the demand for steel.
Maninder Pal Guliani, president of Ludhiana Beopar Mandal, said, “Because of the huge increase in the rate of steel raw material of different types, not only manufacturers of engineering goods but also small-time steel traders have been destroyed. The situation is such that the minimum hike is of 20% while there are certain items that have witnessed increase of even 100%. This month, the rate of HR coil is between Rs 70,000 and Rs 72,000 per tonne, which last year in July was about Rs 36,000. Similarly, the rate of wire rod is currently Rs 55,000 per tonne, which was Rs 39,000 in July 2020. Rate of TMT bars has shot up from Rs 42,000 per tonne to Rs 56,000 and that of round bars has shot up to
Ludhiana: In a noble initiative undertaken amid the pandemic, Punjab’s biggest business association Chamber of Industrial and Commercial Undertakings (CICU) on Sunday announced rent-free oxygen concentrator service, in which first preference will be given to workers and employees of their member factories.
The needy can contact on CICU’s helpline number 8872899992 for availing this service, which has been started with 30 concentrators and the number will be increased in the coming days.
Upkar Singh Ahuja, CICU president, said, “The government and the administration are doing their best to counter the deadly wave of coronavirus and it is the need of the hour that everyone who can provide any type of help should come forward. Due to the huge spurt in demand for oxygen and difficulties being faced by the patients requiring it at home, we have started this initiative, under which staff of our member factories will be provided oxygen concentrators for temporary use and no rent w
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