With the prices of steel skyrocketing, the Tamil Nadu chapter of Builders Association of India sought a blanket ban on iron ore exports to bring down the rates of steel.
Briefing newspersons at a press conference here on Friday, Builders Association of India state chairman R Prakash said that steel prices have jumped by 80% in three months.
“When the prices of onion increases, the government immediately freezes the export of the commodity to reduce its rates. Similar action was required in the case of iron ore as the prices of steel has hit a new high, escalating the construction cost.” he said.
The construction cost has increased by 20% due to the spike in steel rod rates.
“For instance, iron ore exported from India returns to our country with value additions,” he said, while stressing the need for freezing iron ore exports.
A regulatory authority is needed for the hour to stabilise cement prices as cement rates have spiralled by Rs 150 per cement bag during the pandemic time, the association further added.
