Forging cos to take steel price hike to MRTPC

NEW DELHI: The forging industry has threatened to approach Monopolies & Restrictive Trade Practices Commission (MRTPC) against steel manufacturers��� move for increasing steel prices.

The Association of Indian Forging Industry (AIFI) has also given a memorandum to the steel ministry seeking its support to get manufacturers to bring down steel prices at a more rational level.

In the past three months, the benchmark hot rolled coil prices have risen to over Rs 33,000 per tonne.

���The rise is almost 33% in the past eight weeks, which has hit the forging industry. If this continues, we will have to approach MRTPC,��� AIFI president Vidyashankar Krishnan said.

He also said that if buyers refuse their shipments, the forging units would have no other option except to put their units for sale.