Ludhiana: Days after TOI reported that the Union government’s decision for fixing minimum import price (MIP) of 173 iron and steel items may prompt local steel manufacturers to hike the prices of some locally made items, the furnace industry on Monday hiked the price of Ingot by almost 11%. The price of ingot, which is one of the most used raw materials by cycle, auto parts, fastener and sewing machine industry shot up by Rs. 2,500 per ton, raising it from existing Rs 22,500 to Rs. 25,000 per ton.
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