Ludhiana: Rate of scrap to be same through the day, says CICU president

With an aim to avoid disputes over the frequently fluctuating rates of scrap, the Chamber of Industrial and Commercial Undertakings (CICU) and Ludhiana re-roller mills association has agreed to fix a uniform rate for the entire day. Currently, the rate of scrap is fixed by suppliers in Mandi Gobindgarh and changes thrice a day.

The decision was taken during a meeting held between the representatives of both associations on Tuesday. A dispute committee, consisting of senior members of both associations, has been formed to resolve the dispute between members over scrap rates.

President of CICU, Upkar Singh Ahuja, said, “The re-roller mill owners purchase scrap from the members of CICU. Due to the fluctuations in the rates fixed by the suppliers in Mandi Gobindgarh, there are a lot of disputes. Now, we have decided that one rate will be fixed for the entire day and a dispute committee has also been formed to resolve the disputes between members of both associations.”

President of Ludhiana re-roller mills association, Inderjit Singh, said that during the meeting, the members also deliberated upon different steps which can be taken to add more value to products.

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