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Steel products To Get More Expensive: 10% Rise, Says ASSOCHAM

The industrial body of India, Associated Chambers of Commerce and Industry in India (ASSOCHAM) has declared an increase in the prices of the steel products to 10%. In the recent financial budget, Pranab Mukherjee increased the import duty on non-alloy flat steel products from 5% to 7.5%. This may also lead the industry to loss that’s why ASSOCHAM is demanding for the enhancement in the price.

Assocham Logo

Assocham - Associated Chambers of Commerce and Industry of India

Domestic steel products producers are facing a huge competition from the Chinese company, because they are releasing products in the market in low prices and the duty on Chinese products are 120% from October 20122 to February 2012.

SAIL Logo - Steel Authority of India

SAIL Logo - Steel Authority of India

China is the highest producer of steel in the world. They are producing 135 million tons of steel. This is almost the double of the amount India is producing each year. China is also the biggest exporter of steel, forming about 50 mt. for household use and about 20% of the global use.

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