India is second largest producers of steel in the world, yet the Indian small & medium industry is struggling with increasing steel prices and shortage of raw material in the domestic market, which are leading to project cancellations and huge losses for the industry. The Indian Pipe Manufacturers Association has approached Indian government for intervention to control the prices and impose a temporary ban on steel exports. Indian Pipe Manufacturers Association said in a letter to the Ministry of Steel "Some of the major private sector and public sector steel exporters have achieved more than 50% of their sales volumes through exports, which has created a shortage of raw materials for the domestic steel manufacturers. Steel prices are touching an all-time high level, increasing by almost 60% between July 2020 and April 2021. It has made majority of our orders unviable and has put us in a tight spot.” The letter added “In 2008 as well, when steel prices were at an all-time high, the government had intervened, and the prices were reduced to help the industry survive.”
India is second largest producers of steel in the world, yet the Indian small & medium industry is struggling with increasing steel prices and shortage of raw material in the domestic market, which are leading to project cancellations and huge losses for the industry. The Indian Pipe Manufacturers Association has approached Indian government for intervention to control the prices and impose a temporary ban on steel exports. Indian Pipe Manufacturers Association said in a letter to the Ministry of Steel "Some of the major private sector and public sector steel exporters have achieved more than 50% of their sales volumes through exports, which has created a shortage of raw materials for the domestic steel manufacturers. Steel prices are touching an all-time high level, increasing by almost 60% between July 2020 and April 2021. It has made majority of our orders unviable and has put us in a tight spot.” The letter added “In 2008 as well, when steel prices were at an all-time high, the government had intervened, and the prices were reduced to help the industry survive.”
