Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Alloy steel producers have requested that the Steel Ministry expand the PLI 2.0 plan to include categories such as super-alloys and titanium alloys- used across sectors like nuclear, defence, automotive, aerospace, oil and natural gas, among others, and imported in huge quantities, which have an annual import bill of more than ₹5,000 crore. The steel producers demand equal tax treatment and a larger export quota to Europe.
Steel can add alloying elements from 1 to 50% to improve its strength, hardness, wear resistance, and toughness. These elements include molybdenum, manganese, nickel, chromium, vanadium, silicon, and boron.
In a letter to the Steel Secretary, the Alloy Steel Producers Association of India sought a relaxation in investment-linked norms and production capacities. The manufacturers have requested that all the categories of alloy long steel included in PLI 1.0 should also remain under PLI 2.0, which is currently under review. “Large number of automotive, speciality alloy grades and defence-related grades have been left out of the PLI which must be included in PLI 2.0,” the letter stated. The manufacturers also asked for PLI rate rationalisation baseline price revision. The steel mills wanted a level playing field across export markets.
In a separate letter to Union Steel Minister Jyotiraditya Scindia, the mills pointed to the “discriminatory” import duty in countries like Brazil and Mercosuer (the trade block including Argentina, Brazil, Paraguay and Uruguay) of 12-18%. They also pointed out that export quotas remained lower than expected “and get exhausted on the first day of the quarter”. Any export beyond the quota attracts punitive action.
They also requested the Commerce Ministry to hand-hold them ahead of the upcoming Carbon Border Adjustment Mechanism (CBAM) and its related challenges. “to have the current standards revised to include grades being imported into the country..... issuance of BIS standards for defence grade steel currently being imported but are within the range of domestic producers,” it further wrote.
Also Read : Aluminium futures fall on low demand Steel & lithium ion batteries are set to contribute more significantly in 2027
Delhi's BSES Rajdhani, BSES Yamuna, Tata Power Delhi, and Noida Power secured top ratings in power d...
Mid Corporate 20-Jan-2024
According to Chinese customs authorities, China's steel bar exports during the January–April p...
China 20-May-2024
Some of the world’s top energy trading companies are returning to metals, years after getting...
Energy 24-Apr-2024
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri outlined the government's ambitious...
Oil & Gas 05-Mar-2024
The "first steel cutting" of the Indian Navy's Fleet Support Ships (FSS) took place at Hindustan Shi...
Defence 12-Apr-2024
Tata Steel shares jumped over 6% amid strong buying interest. Investors optimistic due to operation...
Business 11-Apr-2025