Posted on 18 Jul 2008
Mr Muthuraman said that “There is an unprecedented increase
in raw material prices. Ocean freight rates are at an all time high and other
input costs are high too.”
He said that “Everyone has to play a part in containing
inflation. The steel industry too played its part by reducing prices. The
industry now wants the government and consumers to play their parts.”
He added that excise duty collected from the industry had
doubled in 2 years because of rising steel prices and volumes. It looks like
the government is pushing companies abroad to sell steel here at higher prices.
