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Ludhiana Businessman Demand CBI Enquiry against ICEX over Fluctuation of Steel Rates

Steel News - Published on Wed, 14 Aug 2019

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Times of India reported that Ludhiana based businessmen are up in arms against commodity trading of steel in the country due to which the actual rates of steel are being affected. According to businessmen the central government should call for CBI investigation against the commodity trading exchanges where this type of trade takes place. Mr Badish Jindal, president of Federation of Punjab Small Industries Association, said “A big conspiracy is going on in the country to kill the steel manufacturing and consuming industry, the Indian Commodity Exchange is playing a very dirty and illegal role in the country to destroy small scale industry. India is producing 100 million tonnes of steel every year whereas only 10,000 tonnes of steel is traded in ICEX in India. Since there is no regulatory body in India fixing rates of steel products in India, therefore the market rates of steel now a days are totally based on steel prices trading in ICEX."

Mr Jindal added “The steel trading started on ICEX from August 2018 and ever since that time the steel rates have started fluctuating a lot in India. Before this there was another dirty trick being played by some elements in which rates of steel were being decided via SMS, that too without considering the realtime situation but after our protests this service was banned but now ICEX is hurting us in worst way. Government should ensure that CBI investigation is initiated in order to check this commodity trading practice and the reasons too should be probed how the price of steel is fixed by commodity tradeing exchange. We have shot off a letter to prime minister with our suggestions and also demanded a CBI enquiry against this malpractice.”

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Posted By : Ratan Singh on Wed, 14 Aug 2019
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