Industry body PHDCCI bats for having regulator to check steel prices

The chairman of the PHDCCI's metals and minerals committee made the request to the government at a session to discuss the issues faced by the stakeholders of the industry

The PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday requested the government to have a regulator to check rising steel prices.

Anil Kumar Chaudhary, chairman of the PHDCCI's metals and minerals committee, made the request during his address at a session organised by PHDCCI to discuss the issues faced by the stakeholders of the industry.

Speaking at the session, where Minister of State for Steel Faggan Singh Kulaste was the chief guest, he said micro, small and medium enterprises (MSMEs) of the steel industry are facing various issues today and high prices of steel is a major one.

"I suggest and request for a regulator for the sector that can check and regulate the issues including prices in the sector," he said.

Besides prices, MSMEs also face issues like timely availability of raw materials and its transportation, Chaudhary said.

All these issues have a cascading effect on the growth and performance of the smaller companies that have financial commitments with banks and customers, he said.

In his address, the minister assured government support to address the issues being faced by the steel MSMEs and invited suggestions from the stakeholders on the same.

On the suggestion of having a regulator for prices, Kulaste without assuring any substantial solution said "there can be a discussion on it".

According to steel research and analysis firm SteelMint, hot-rolled coil is trading at Rs 71,000 per tonne in the domestic market. Three-month ago, a tonne of HRC was coming at around Rs 66,000 a tonne.