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Furnace owners say their production has fallen, forcing them to increase prices. But the steel-consuming units, including cycle manufacturing and engineering units, have decided not to purchase goods from the local market for at least 15 days. VP Chopra, president of Punjab Small Industries Association, said, "The prices increased by Rs 2,000 per tonne today. Power cuts may increase in the coming days. We cannot run our business under such conditions as the prices have increased tremendously. The price of ingot today is Rs 38,000 per tonne; it was Rs 32,000 on March 1."
Badish Jindal, general secretary of the Wire Drawing Association, said, "In addition to this, the conversion rate of scrap into ingot has been increased from Rs 5,500 per tonne to Rs 8,500, while conversion of ingot into wire rods has been increased from Rs 3,500 per tonne to Rs 5,500 in a week."
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