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

Currently, the price changes thrice a day

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.

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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.