Business

FASTENER MAKERS GROAN UNDER STEEL RATE HIKE

By : Gurpreet Singh	Previous \| Next
Posted on : 07 Apr, 2007	Total Views : 434

THE FASTENER MANUFACTURING ASSOCIATION OF INDIA TODAY THREATENED TO RESORT AGITATION IF THE GOVERNMENT DID NOT TAKE CONCRETE MEASURES TO CONTROL THE RISING STEEL PRICES. THE ASSOCIATION SAID THE STEEP RISE IN RATES WAS GIVING STEEL CONSUMING INDUSTRY A TOUGH TIME

�THE PRICES OF IRON AND STEEL, IN PAST FEW DAYS, HAVE WITNESSED AN INCREASE OF RS.4000 TO RS 5000 PER TONNE, WHICH IS BADLY HITTING THE ENGINEERING INDUSTRY AND FASTENER MANUFACTURING, IN PARTICULAR� SAID BY THE PRESIDENT OF THE ASSOCIATION.

IN INDIA SEVERAL TRADERS WERE ENGAGED IN HOARDING OF THE METAL SO AS TO SELL IT AT HIGHER PRICES. ALL MANUFACTURING UNITS AND EXPORTERS ARE SUFFERING FINANCIAL LOSSES DUE TO THIS HIKE.

THE ASSOCIATION SAID IF THE GOVERNMENT FAILED TO CONTROL THE RISING PRICES, IT WOULD RESORT TO AGITATION AS WAS DONE A FEW YEARS AGO.

NOW WE HAVE TO WATCH OUT WILL THE GOVERNMENT HELPS US WITH MAKING A RIGHT STEP DECISIONS TO PROTECT US FROM LOSSES OR NOT

LT-P-1-C-2-D-3-4-2007

Written By : Gurpreet Singh

Visit personal website of Gurpreet Singh

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