ALL INDUSTRIES & TRADE FORUM (APEX NATIONAL BODY OF TRADE & INDUSTRIES) President
Badish Jindal today said in a press statement,
As soon as the new government was formed, SMS Mafia became active and again brought down the
steel prices. For the last five years, this mafia is ruining the business by speculating on the prices of
steel and this mafia arbitrarily lowers and raises the prices. Steel companies fought a long legal
battle against this mafia but they did not get any major success against this mafia.
SMS Mafia determines the steel prices in the country in an unauthorized manner. This mafia
changes the prices four to five times daily and this mafia sends the prices determined by it through
more than one million WhatsApp platforms in the country. Behind this price rise and fall are
traders who deal in lakhs of tons of scrap and steel, who order the SMS mafia to raise and lower the
prices according to their situation. Due to such a large number of SMS being sent, the industries
consider the prices sent by them as the basis.
This mafia has lowered the prices of steel by Rs 4000 per ton in twenty days. On June 4, the price of
steel ingot was Rs 47500 per ton, which was lowered to Rs 43500 per ton on June 25. There is no
basis for this fall because there has been no major reduction in the prices of foreign scrap but the
prices of scrap coming from the industries here have been lowered. Similarly, this SMS Mafia had
increased the price of steel ingot from 42000 to 48000 tons in April and May, due to which the steel
mafia made profits of billions of rupees and when this mafia sold all their stocks, the steel prices
were reduced.
According to the information received from sources, now these big speculators are again
accumulating stock at low prices and the SMS Mafia will keep the prices low till they collect a large
stock and as soon as sufficient amount of stock is collected, this mafia will again increase the prices
heavily in the coming days. Due to this fraud of theirs, steel furnaces making iron from scrap have
started getting closed. Along with this, this decrease has also affected the steel consumers because
the primary steel plants did not reduce the prices of steel, But these industries are now forced to
buy expensive steel and sell the scrap coming out of it at cheap prices, due to which they are
incurring huge losses. Along with this, due to falling prices, there has been a huge reduction in
demand for products in the market.
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