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
The Indian government is considering extending import restrictions on essential raw materials used in steel production, according to industry insiders. This move aims to support domestic manufacturers and reduce dependency on foreign supplies.
The restrictions, initially imposed to stabilize local markets and protect domestic producers from price volatility, might be extended due to ongoing global supply chain disruptions. Key materials under consideration include coking coal and iron ore, which are critical for steelmaking.
A senior official hinted that the decision would depend on the global price trends and the availability of raw materials within the country. “We are closely monitoring international markets to ensure that domestic industries are safeguarded without impacting production costs significantly,” they said.
Industry experts believe that the extension of import restrictions could provide a competitive edge to local producers but may also lead to short-term price fluctuations. “While it supports domestic growth, the industry needs a balanced approach to avoid cost pressures,” remarked a steel market analyst.
The final decision is expected soon, as the government continues to assess the economic landscape and industry requirements. This potential policy change could significantly impact the steel manufacturing sector, influencing production strategies and pricing in the coming months.
Also Read : India Shelves Plan for Coking Coal Import Consortium Auction for iron ore blocks in Karauli
Following a lawsuit filed by an industry association accusing the state-run firm of having a conflic...
Renewables 27-Feb-2024
Germany's chemicals industry, Europe's biggest, is beginning to feel the pinch from delayed shipment...
Europe 22-Jan-2024
The Visakhapatnam Steel Plant has been severely hampered by a significant scarcity of coking coal, b...
Renewables 19-Apr-2024
Steel Ministry exploring separate mining vertical for SAIL. Move aims to enhance iron ore productio...
Business 20-May-2025
NLC India Limited (NLCIL) has formed a wholly owned subsidiary called NLC India Green Energy Limited...
Renewables 06-Mar-2024
Energy consultancy Wood Mackenzie published an analysis showing that more than a fifth of global oil...
Energy 28-Mar-2024