CCI starts probing steel
Steel

CCI starts probing steel "cartelisation" charges

After its crackdown on cement companies, the Competition Commission of India (CCI) has launched a probe against steel companies for forming a cartel to increase prices consistently over the last seven months.

The anti-trust regulator will scrutinise the business strategies of leading steel companies to check if there is any collusion to jack up prices artificially. Though user industries have been complaining about the recent spike in steel prices making them uncompetitive both in domestic and global markets, the CCI has taken up the investigation suo motu, sources told the media.

Make in Steel 2021

24 February 

Click for event info


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Steel companies have been blaming the sharp rise in the raw material cost as the reason behind the increase in steel prices, especially the 135% surge in iron ore prices. Calling for a regulator to check the rising steel prices, Union Road Transport Minister Nitin Gadkari had earlier said that every steel company has its own iron ore mines, and there has been no increase in labour and power costs, but the steel prices have been increased. As we have reported, steel price hikes have surprised many because they have persisted despite trends, custom duty reduction being one. Housing and construction projects outside urban markets have been witnessing a slowdown for a few months with reports from dealers and buyers of a shortage of long steel products, such as bars, rods, and wires because of a scarcity of iron ore. User industries such as real estate fear a shrinkage in margins as a result of sustained high steel prices.

Image: The probe against steel mills is for alleged cartelisation. Over the last seven months, steel prices have risen in correspondence with iron ore price rise of over 135%.


Also read: Steel price cooldown not seen anytime soon

Also read: Cement price cartelisation allegations trigger CCI raids

After its crackdown on cement companies, the Competition Commission of India (CCI) has launched a probe against steel companies for forming a cartel to increase prices consistently over the last seven months. The anti-trust regulator will scrutinise the business strategies of leading steel companies to check if there is any collusion to jack up prices artificially. Though user industries have been complaining about the recent spike in steel prices making them uncompetitive both in domestic and global markets, the CCI has taken up the investigation suo motu, sources told the media.Make in Steel 202124 February Click for event info4th Indian Cement Review Conference 202117-18 March Click for event info Steel companies have been blaming the sharp rise in the raw material cost as the reason behind the increase in steel prices, especially the 135% surge in iron ore prices. Calling for a regulator to check the rising steel prices, Union Road Transport Minister Nitin Gadkari had earlier said that every steel company has its own iron ore mines, and there has been no increase in labour and power costs, but the steel prices have been increased. As we have reported, steel price hikes have surprised many because they have persisted despite trends, custom duty reduction being one. Housing and construction projects outside urban markets have been witnessing a slowdown for a few months with reports from dealers and buyers of a shortage of long steel products, such as bars, rods, and wires because of a scarcity of iron ore. User industries such as real estate fear a shrinkage in margins as a result of sustained high steel prices.Image: The probe against steel mills is for alleged cartelisation. Over the last seven months, steel prices have risen in correspondence with iron ore price rise of over 135%. Also read: Steel price cooldown not seen anytime soon Also read: Cement price cartelisation allegations trigger CCI raids

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?