Indian Ministry of State for Railways to adopt certain measures
According to the statement released by Indian government, Ministry of State for Railways will take certain measures against rising steel prices.
Since steel is used in
construction of buildings, tunnels and structures, the price of steel has a direct effect on
construction sector. The structural steel is mainly supplied by the contractors at the contracted rate in line with the terms of the contract. Therefore the fact that steel prices have increased significantly in the last one year has caused the contractors difficulty.
Due to the abnormal hikes in steel prices, Ministry of State for Railways is currently reviewing the comments and suggestions regarding the subject and preparing to implement certain measures to ease the situation.