+
Indian Steel Association writes to PMO defending steel price hike
Steel

Indian Steel Association writes to PMO defending steel price hike

On Tuesday, the Indian Steel Association wrote to Prime Minister Narendra Modi, attributing the sudden surge in the price of metal to the cost of raw materials and demanded for an iron ore export ban for six months.

The Indian Steel Association (ISA) informed the PMO about the price hike of the metal after the Ministry of Road Transport and Highways, Nitin Gadkari, wrote to the PM about the impact of rising steel prices on infrastructure projects.

According to the sources, the hot-rolled coil prices have increased by 46% to Rs 52,000 per tonne in November, compared to Rs 37,400 per tonne in July 2021. The housing and construction firm, Rebar TMT, has a price of Rs 50,000 per tonne.

ISA explained the issues regarding iron ore, the rising price of raw materials, shortage in global steel supply, and low capacity utilisation due to Covid-19 disruptions.

The steelmakers' demanded a ban on iron ore exports until the supply stabilises for the key raw material.

The secretary in-general of ISA, Bhaskar Chatterjee told the media that due to shortage of steel in the rise of Covid-19 disruptions, international prices rose to over $750 per tonne from $397 per tonne this year.

Chatterjee said that the price of iron ore had increased more than double from Rs 1,960 per tonne to Rs 4,160 per tonne from June to December 2020.

The iron ore production from April to October 2020 was 92.08 million tonnes (mt), registering a sharp downfall of 30% in the same period last year. Iron ore exports had surged by 70.3% to 29.20 mt in the first half of FY21. The Indian crude steel production fell by 19% in FY21, ISA said.

Due to the Covid-19 pandemic, the Indian steel industry faced several disruptions. Many steel companies in India with sub-optimal operating capacity faced considerable cash losses because the non-absorption of major fixed costs for the quarter ended in June 2020.

Image Source


Also read: TN construction body urges state to regulate bldg material prices

Also read: NMDC slashes iron ore prices by Rs 200 per tonne

On Tuesday, the Indian Steel Association wrote to Prime Minister Narendra Modi, attributing the sudden surge in the price of metal to the cost of raw materials and demanded for an iron ore export ban for six months. The Indian Steel Association (ISA) informed the PMO about the price hike of the metal after the Ministry of Road Transport and Highways, Nitin Gadkari, wrote to the PM about the impact of rising steel prices on infrastructure projects. According to the sources, the hot-rolled coil prices have increased by 46% to Rs 52,000 per tonne in November, compared to Rs 37,400 per tonne in July 2021. The housing and construction firm, Rebar TMT, has a price of Rs 50,000 per tonne. ISA explained the issues regarding iron ore, the rising price of raw materials, shortage in global steel supply, and low capacity utilisation due to Covid-19 disruptions. The steelmakers' demanded a ban on iron ore exports until the supply stabilises for the key raw material. The secretary in-general of ISA, Bhaskar Chatterjee told the media that due to shortage of steel in the rise of Covid-19 disruptions, international prices rose to over $750 per tonne from $397 per tonne this year. Chatterjee said that the price of iron ore had increased more than double from Rs 1,960 per tonne to Rs 4,160 per tonne from June to December 2020. The iron ore production from April to October 2020 was 92.08 million tonnes (mt), registering a sharp downfall of 30% in the same period last year. Iron ore exports had surged by 70.3% to 29.20 mt in the first half of FY21. The Indian crude steel production fell by 19% in FY21, ISA said. Due to the Covid-19 pandemic, the Indian steel industry faced several disruptions. Many steel companies in India with sub-optimal operating capacity faced considerable cash losses because the non-absorption of major fixed costs for the quarter ended in June 2020. Image Source Also read: TN construction body urges state to regulate bldg material prices Also read: NMDC slashes iron ore prices by Rs 200 per tonne

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code