Pumpset manufacturers raise prices as raw material cost spikes

Pumpset manufacturers have announced to increase the prices of their products following a spike in raw material costs.

The Indian Pump Manufacturers Association (IPMA), the Southern India Engineering Manufacturers’ Association, and the Rajkot Engineering Association said in a press release that the manufacturers are increasing the prices by 5-7 % as cost of raw materials, especially pig iron and copper, are going up.

K.V. Karthik, president of IPMA, said that the industry saw a 10% growth in 2023-2024 across segments such as agriculture, domestic, industrial, sewage, and chemical pumps. However, the prices of raw material prices are seeing an upward trend since February. For instance, the price of winding wires has seen an almost 20% jump, he said.

“Sale of pumpsets usually drops during the monsoon months. This year, there will be a fall because of the price increase too. But, the manufacturers have no other option,” he said.