India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
'Melt and Pour' regulation made compulsory for govt-funded projects.
Domestically melted and poured steel alone to be utilized.
Intends to bolster Make in India and restrict imports.
The Indian government has formally enforced the 'Melt and Pour' standard, directing that only locally manufactured steel be utilized in all government-sponsored infrastructure and development projects. This policy move guarantees that steel employed in these projects shall be melted and poured within India, effectively curtailing the scope for imported foreign steel or re-rolled foreign steel.
Announced under the Make in India programme, the decision seeks to safeguard the country's steel industry, increase product traceability, and ensure higher quality projects overall. The regulation will be implemented on central and state government projects across various sectors, including railways, roads, defence, and public utilities.
Industry associations have hailed the move, indicating that it will rise capacity utilisation at domestic steel mills and create additional job opportunities within the nation. Experts also foresee this policy will modestly increase domestic steel prices in the short term as a result of increased demand.
Also Read : India's Stainless Steel Demand to Grow 7-8% in FY 2025 Global Steel Industry Faces Crisis Amid Overproduction and Sluggish Demand
Vedanta is working "actively" for demerger of its key businesses, including aluminium, into separate...
Large Corporate 12-Feb-2024
Adani Power Limited has placed an order for ₹4,000 crore with state-owned engineering company Bharat...
Large Corporate 28-Mar-2024
India's mining industry dropped iron ore exports by 53% in March 2024 compared to the previous month...
Ferrous 12-Apr-2024
Avaada Energy, the renewable energy division of Avaada Group, and Damodar Valley Corporation (DVC),...
Renewables 20-Mar-2024
The state-run Indian Oil Corporation Ltd is in exploratory talks with the atomic power monopoly abou...
Large Corporate 04-Apr-2024
The debt-ridden Rashtriya Ispat Nigam Ltd. forged wheel plant in Rae Bareilly, Uttar Pradesh, has be...
Mid Corporate 24-Apr-2024