Steel Hikes Force Indian Fastener Makes To Cut Production
Steel Hikes Force Indian Fastener Makes To Cut Production
Jason Sandefur
Unable to bear the rising cost of production, Punjab-based fastener manufacturers have decided to cut production by 30%, the Hindu Business Line reports. Steel prices have surged by at least Rs 8,000 (US$197.59) per metric ton during the last two months.
“We have now unanimously decided to trim our production by 30% by reducing running time of production by four hours per day as we are unable to absorb the increasing cost of production followed by consistent hike made by steel producers in alloy prices,” stated Narinder Bhamra, president of the Fasteners Manufacturers of India.
Manufacturers plan to hire a steel mill in Orissa for steel at cheaper rates in order to sustain their businesses.
Punjab manufacturers produce bolts and other fastener items worth more than US$350 million annually. �2008 FastenerNews.com
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