EEPC India Sees Steel Prices Surge Impacting Indian Exports

India’s engineering exporters body EEPC India on said that a sharp rise in steel prices in recent months had dealt a crippling impact to exporters. EEPC India
EEPC India Sees Steel Prices Surge Impacting Indian Exports
EEPC India SeesRicken Desai

chairman Mr Mahesh Desai said “Exporters are deeply concerned. Steel prices have increased from INR 35,000 per tonne to INR 42,000, in the past six months for a product like hot rolled coil, an essential raw material for the engineering industry. Prices of other essential metals have also been rising disproportionate to the end-product prices which can be realised in the international markets, making it tougher for exporters. Zinc prices have shot up from INR 170 per kg to INR 220 and freight charges have almost doubled. Engineering exporters face severe headwind and this is impacting their exports. Exporters also face scarcity of steel.”

He appealed to Commerce and Industry Minister Mr Piyush Goyal to intervene and impress upon large steel manufacturers to keep prices in check.

At USD 38.14 billion during April-October, India's engineering exports were down 14% compared to the USD 44.43 billion registered during the same period last fiscal as global headwinds continue to blow severely. Major markets of Europe are weathering a second wave of coronavirus, while the US is reeling from the deadly impact of the pandemic.

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