The Indian foundry industry has sought an immediate temporary suspension of exports of pig iron from the country to protect domestic foundries from the current crisis of volatility in raw material prices. Indian Foundry Association chairman Mr Dinesh Kumar Saksearia said “The backbone of the foundry industry has collapsed due to the unprecedented rise in prices of raw material, namely pig iron, refractories, foundry flux and chemicals. Hence, our demand is the temporary suspension of the export of pig iron and iron ore. Unless export duty on both these items is not raised quite high, not only the foundry industry, but the government also loses earnings through value-added products like steel and metal castings.”Indian Foundry Association vice chairman Akash Madhogaria added “Price of pig iron has increased to IN 58,000 per tonne from INR 40,000 since January this year. Met coke price has also soared to INR 54,000 per tonne from INR 40,000, while the cost of other raw materials rose in the last quarter,.”The association also sought government support to strengthen the industry with revised schemes like the credit-linked capital subsidy program, meant only for MSMEs, as the incentives under it need an upward revision to augment investments for modernization.India’s foundry sector employs around two million people directly and indirectly.
The Indian foundry industry has sought an immediate temporary suspension of exports of pig iron from the country to protect domestic foundries from the current crisis of volatility in raw material prices. Indian Foundry Association chairman Mr Dinesh Kumar Saksearia said “The backbone of the foundry industry has collapsed due to the unprecedented rise in prices of raw material, namely pig iron, refractories, foundry flux and chemicals. Hence, our demand is the temporary suspension of the export of pig iron and iron ore. Unless export duty on both these items is not raised quite high, not only the foundry industry, but the government also loses earnings through value-added products like steel and metal castings.”Indian Foundry Association vice chairman Akash Madhogaria added “Price of pig iron has increased to IN 58,000 per tonne from INR 40,000 since January this year. Met coke price has also soared to INR 54,000 per tonne from INR 40,000, while the cost of other raw materials rose in the last quarter,.”The association also sought government support to strengthen the industry with revised schemes like the credit-linked capital subsidy program, meant only for MSMEs, as the incentives under it need an upward revision to augment investments for modernization.India’s foundry sector employs around two million people directly and indirectly.
