KSSIA Urges Government to Control Steel Price Surges

The Hindu reported that industry body Karnataka Small Scale Industries Association has urged the government, highlighting that 35-40% surge in steel
KSSIA Urges Government to Control Steel Price Surges
Steel Prices MSMEStar of Mysore

The Hindu reported that industry body Karnataka Small Scale Industries Association has urged the government, highlighting that 35-40% surge in steel price has put Micro, Small and Medium Enterprises in great jeopardy, urged intervention by subsidising the prices or imposing price control. .KASSIA President Mr B Arasappa said “This sudden spike in prices has made it impossible for MSMEs to meet confirmed orders and they are in serious danger of losing exports markets to competitors. The government must step in to ensure steel is supplied at a competitive price to consuming small industries. This has come up on them as though the COVID-related disruptions were not bad enough.”

Confirming the price scenario Federation of Indian Mineral Industries mentor Mr Basant Poddar said there has been a spurt in the price of steel as construction activities resumed post monsoon. He said “There was nothing happening for several months because of the pandemic. There is a pent up demand. Also things are slowly picking in the infrastructure, railways, residential and rural housing spaces. This has pushed up demand for steel and therefore prices went up now.”

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