Punjab industry body wants regulator to control steel prices

Expressing concern at the steep hike in the prices of steel and the alleged collusion between the Union government and steel manufacturers, the Industrialists' Association of Punjab today wanted a regulator be created immediately to control prices.

"A regulator to control the prices of steel should be immediately appointed and there should be a ban on the export of raw steel, as done by the China," an industrialist said, while terming the recent meeting with the Prime Minister on the issue "non-serious".

"The Prime Minister expressed his helplessness in the matter," said S C Ralhan, regional chairman of the Engineering Export Promotion Council. He said hand tools manufacturers of the state failed to bag even a single order from buyers at the International Trade Fair, held at Cologne recently, owing to the high price of steel in the country.

Hand tools, bicycles and auto products manufactured in the country are 30 per cent costlier than those made in China, a country which ironically imports steel and iron ore from India.

Jagdish Singh, a representative of the Association of Indian Forging Industry (AIFI) and chairman and managing director of GNA Enterprises, said, "China was controlling the world steel market and we are beginning to feel its crippling effect. The cost of steel has increased by 33 per cent in the past two months. As a result, our products are Rs 14-15 costlier than Chinese products. The need of the hour is to ban the export of steel, as has been done by Taiwan, China, Japan, South Korea, and Argentina, keeping in view the needs of their domestic industries.