Steel producers, buyers, material suppliers fight over price hike

Steel manufacturers had focussed on exports during the lockdowns to stay afloat

Consumers and raw material providers of steel are up in arms against producers over rising prices of finished products, prompting them to write to the central government.

Steel producers are justifying the price hike by pointing towards a shortage of iron ore, among other market factors. Mining companies that supply iron ore have sought a ban on export of steel products.

According to representations reviewed by Business Standard, both producers and raw material suppliers have written to the Prime Minister's office. Consumers of steel, such as electronic manufacturers, are also seeking a regulation in the prices and a 15 per cent export