EEPC Seek Government Intervention to Check Steel Prices in India
Steel Prices IndiaET

EEPC Seek Government Intervention to Check Steel Prices in India

India’s engineering exporters have sought intervention of the government to check the spiralling prices of steel in the domestic market which is hampering

India’s engineering exporters have sought intervention of the government to check the spiralling prices of steel in the domestic market which is hampering exports. Engineering Export Promotion Council said “With a whopping 55 per cent rise in prices of steel, the mother raw material for manufacturing, the path to Atmanirbhar Bharat has become very tough and arduous. Wholesale price of Hot Rolled Coil has gone up to INR 58,000 a tonne, an increase of 55% per cent between January 2020 and 2021, which is hard to absorb by the industry. This was a double whammy for exporters of engineering products as they have anyway been battling the unprecedented impact of Covid-19 on global trade.”

EEPC Chairman Mr Mahesh Desai said “Under these circumstances, an unprecedented increase in steel prices is making the situation for the engineering industry unbearable, hitting exports the most. Steel manufacturers are indicating further rise in prices in the coming weeks and months. It could act as a dampener.”

EEPC said “In April-November 2020-21, engineering exports fell by 13% to USD 43.9 billion from USD 50.5 billion during the same period in the previous financial year. As many as 29 out of 33 engineering panels exhibited a year-on-year decline in exports. Likewise, only five out of top 25 countries recorded positive cumulative growth in engineering exports during April-November 2020 over April- November 2019.”

The engineering exporters account for more than one fourth of the country's total merchandise exports and comprise mostly the MSMEs

No stories found.
SteelGuru Business News
www.steelguru.com