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Ludhiana: In a serious setback for builders and the general public, the price of TMT bars made by local furnace and steel mills in Mandi Gobindgarh an. ....
TMT Bars: The price of TMT bar (steel bars used in construction) has increased from Rs 48,000 per tonne in July to Rs 52,000 to Rs 53,000 in the last 15 days. ....
Ludhiana: In a double whammy for the iron and steel traders dealing in various types of raw material, including HR coil, wire rod, TMT bars, round bars, among others, there is a huge drop in demand for these products and on the other hand steel-producing companies are pressuring them to buy more stock. According to businessmen, rates of steel products have registered a slight drop, but the micro, small and medium enterprises (MSME), who are biggest consumers of these products, are anticipating a further fall and purchasing only in limited quantities. Maninder Pal Guliani, president of Ludhiana Beopar Mandal, says, “In the last two months, there has been no buyer in the market for steel due to low demand in the domestic sector. On the other hand, steel companies are not correcting the prices, though there has been a small drop. Present market rate of HR coil is Rs 62,000 per tonne, which means there is a correction of around Rs 7,000 per tonne in two months, but still th ....
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 ....
Ludhiana: In a glimmer of hope for the city’s micro, small and medium enterprises (MSME) facing problems due to rise in the rates of steel raw material, Union minister Nitin Gadkari has hinted at forming a steel price regulator. Gadkari disclosed this during an interaction with a business association and also claimed that he had taken up the issue of rising steel rates with the Prime Minister. City businessmen are happy over the development and are hoping that MSME minister’s assurance will bring some results. They say that in addition to this, more steps, like banning export of steel, should be taken immediately. On the other hand, the steel ministry is drawing flak for failing to take notice of the rising rates. ....