Iron & Steel Prices Rise, Hardware Industry In Trouble

Iron & steel prices rise, hardware industry in trouble, compulsion to complete orders in front of small units at a loss.

The hardware industry has been in trouble due to the surge in the prices of iron, rebar, angle, iron sheet, and steel.

The prices of iron-steel raw materials in major markets across the country including Uttar Pradesh, Punjab, Haryana, and Delhi have gone up to Rs 10,000 per tonne.

This has led small industries to the brink of closure. Since April 1, large industrial units offering raw materials have increased the prices of goods.

The problem for entrepreneurs associated with government orders is even more acute. The reason for this is that at the rate at which they have ordered the supply, delivery will have to be given at the same rate.

Baldev Gupta, general secretary of the Steel Tools and Hardware Traders Association, said that iron which was earlier available for Rs 40 per kg is now available for Rs 69 per kg.

The worrying thing is that all the companies are raising prices together by making alliances. The effect of this is that the business of small companies is affected by 30 to 40 percent due to this corona and price increase.

Harendra Murjani, president of Laghu Udyog Bharti in Kanpur, said that MSMEs have reached the verge of closure.

Government orders do not increase once the order is placed. In such a situation, it is becoming difficult to collect raw materials to make the product.

Agra’s diesel pump set and generator parts business has shown a major impact on price increases. In this market, the price of raw materials has gone up by 35 percent during the last two months.

Iron & steel prices rise: The price of steel has increased by Rs. 20 and the price of iron has increased by Rs. 15 per kg. Copper prices have increased the most. It has a speed of up to Rs 300 a kg.

Transportation also became expensive as petrol and diesel became expensive. Similarly, in Aligarh, there is a traditional business of manufacturing lock-hardware and brass sculptures.

The crisis has deepened in this business, which has sparked in the markets of the country and the world. In a month, the prices of raw materials have gone up by 20 to 40 percent.

According to Shyamurthy Gupta, president of Uttar Pradesh Cement Trade Association, there is a sharp jump in the prices of TMT bars due to the cost of raw materials.

The situation is that three months ago, TMT bars, which were sold for Rs 4,800 a quintal, have now reached Rs 6,000 a quintal. There is no hope of relief in it yet.