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Forging lobby seeks ban on steel, iron ore exports
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File photo of people working in a steel factory on the outskirts of Agartala, March 28, 2007.
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MUMBAI |
MUMBAI (Reuters) - A forging industry lobby group on Wednesday sought a ban on exports of steel and iron ore from the government to ease soaring domestic prices.
Steel prices have shot up 33 percent in the last 8 weeks, especially hurting the automotive sector, which comprises 70 percent of the forgings industry, the Association of Indian Forging Industry said in a statement.
The industry also suffered due to component imports from China, which are 15 percent to 25 percent cheaper, it said.
India's exports, about 15 percent of its forgings production, is expected to grow around 20 percent in 2007/08 to $430 million, the industry body said.
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