The Indian Forging Industry Association has sought the intervention of the Prime Minister in controlling high steel prices that have dented the industry’s profitability, as per reports. Steel prices have shot up 25-30% in the last six months, putting the industry at serious risk, industry sources said. Last year, steel prices rose INR 16,950/t and an additional INR 6,000/t increase has happened from Jul’21. The forging industry is gradually returning to normal, thanks to increased domestic demand from the automotive sector and strong exports due to China’s removal of export incentives. However, soaring steel prices are impeding the industry’s recovery, the Association said.
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