Indian steel consumers experience power shortage

Indian steel consumers experience power shortage

Recent industry reports refer to the fact that steel consumers in India are suffering shortage of supplies nowadays. The problem arises from the long power cuts experienced for the last couple of days. As a shortage of steel supply by the main suppliers is currently putting pressure on the market, the local electric induction furnace owners supplying the market have doubled their prices of ingots over this period of time, blaming the shortage of electricity enforced by Punjab State Electricity Board (PSEB). According to reports the price of converting scrap into steel ingots has doubled and reached Rupees 8'000/mt ($174) during this period.