Price of raw materials increased by 50% last year alone leading to a reduction in production values
Coimbatore: Mother of all Industries, Foundry Industries in Coimbatore is facing serious issues as the price of raw materials increased by 50% last year alone. Over 600 foundry factories function in Coimbatore.
The sector is anguished that production has been affected due to rising raw material prices despite the high number of casting orders at present. Prices of major raw materials such as pig iron and scrap rose by 50 percent compared to July 2020 last year to July 2021 this year. With the factories running on neither profit nor loss, they demanded that the government ban export of raw materials.
The sector is anguished that production has been affected due to rising raw material prices despite the high number of casting orders at present. Prices of major raw materials such as pig iron and scrap rose by 50 percent compared to July 2020 last year to July 2021 this year. With the factories running on neither profit nor loss, they demanded that the government ban export of raw materials.