Steel prices rise 55% in 6 months, minister seeks PM’s intervention
ECONOMY & POLICY

Steel prices rise 55% in 6 months, minister seeks PM’s intervention

Steel prices in India have seen a significant price hike over the last six months, as much as 55%, as reported by sources. On Thursday, Union Minister Nitin Gadkari sought Prime Minister Narendra Modi’s attention towards the exploitative nature of the hike in steel prices by the industry players. In the past six months, the steel prices have gone up by 55% and have made numerous projects unviable, said Gadkari.

The government will soon have to change the policies and will have to promote the usage of alternative technologies in projects if the players do not curb the practice of exorbitantly increasing the prices.

Gadkari said that the National Infrastructure Pipeline was crucial for the revival of the economy across multiple sectors of the nation. He also spoke about a new GPS system for the collection of fees in the toll booths. The GPS technology will be rolled out in a couple of years.

While addressing the Assocham Foundation Week Gadkari informed that he had written to Dharmendra Pradhan, Steel Minister and the Prime Minister about the 55% hike in the steel prices and was waiting for their reply. He added that the price hike did not match the labour prices and the cost of the raw materials. Earlier, the Union Minister had warned the cement manufacturers against cartelling. He wanted a long term policy to prevent this from happening in the future.

The Union Minister stated that price hike in the range of 15-20% could have been justified, but the recent hike is just dreadfully high. He also suggested that the steel and cement manufacturers can increase their profitability by increasing their productivity, instead of cartelling. He warned that this kind of attitude by the manufacturers is not good for real estate and infrastructure.

Also read: Prices of most raw materials spike in TN

Steel prices in India have seen a significant price hike over the last six months, as much as 55%, as reported by sources. On Thursday, Union Minister Nitin Gadkari sought Prime Minister Narendra Modi’s attention towards the exploitative nature of the hike in steel prices by the industry players. In the past six months, the steel prices have gone up by 55% and have made numerous projects unviable, said Gadkari.The government will soon have to change the policies and will have to promote the usage of alternative technologies in projects if the players do not curb the practice of exorbitantly increasing the prices. Gadkari said that the National Infrastructure Pipeline was crucial for the revival of the economy across multiple sectors of the nation. He also spoke about a new GPS system for the collection of fees in the toll booths. The GPS technology will be rolled out in a couple of years. While addressing the Assocham Foundation Week Gadkari informed that he had written to Dharmendra Pradhan, Steel Minister and the Prime Minister about the 55% hike in the steel prices and was waiting for their reply. He added that the price hike did not match the labour prices and the cost of the raw materials. Earlier, the Union Minister had warned the cement manufacturers against cartelling. He wanted a long term policy to prevent this from happening in the future. The Union Minister stated that price hike in the range of 15-20% could have been justified, but the recent hike is just dreadfully high. He also suggested that the steel and cement manufacturers can increase their profitability by increasing their productivity, instead of cartelling. He warned that this kind of attitude by the manufacturers is not good for real estate and infrastructure. Also read: Prices of most raw materials spike in TN

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?