Ludhiana, Sept. 20 -- The sharp rise in domestic steel prices is putting downstream MSMEs under pressure, raising production costs and affecting margins and export competitiveness, prompting the Chamber of Industrial and Commercial Undertakings (CICU) to seek intervention from the Centre.

Citing a recent assessment by Motilal Oswal Financial Services, CICU said hot-rolled coil (HRC) prices had risen 7% month-on-month to around Rs.62,000 per tonne in September, a four-year high. Cold-rolled coil (CRC) prices increased 8% to nearly Rs.70,500 per tonne, while rebar prices rose to about Rs.56,800 per tonne from Rs.48,850 in June.

CICU president Upkar Singh Ahuja said the rise was particularly concerning for MSMEs operating on tight margins ...