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India - Steel price cut has not helped auto industry

BANGALORE: The price cut announced by steel manufacturers has not impacted the price of specific grades of alloy steel used by auto component manufacturers thus leaving them no reason to cheer, opines the apex body of the auto components manufactures.

According to a press release here on Thursday from the Automotive Component Manufacturers Association of India (ACMA), the auto-component industry largely utilises alloy steels for manufacturing high-value added and safety critical components such as drive, transmission and steering systems, chassis and suspension parts and a variety of engine parts. The steel is used initially for making forgings or alloy steel castings, which is then machined to produce fully finished auto-components.

“These alloy steels have not been impacted by the price cuts,” according to Sanjay Labroo, ACMA president.

Chairman of ACMA South Srivatsaram has called for an immediate reduction of Customs Duty on all grades of alloy steel to zero and to suspend export benefits on exports of alloy steels.

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