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
'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 : PM Modi arrives in Doha, holds talks with Qatar counterpart on boosting bilateral ties Steel PSUs' total investment largely unchanged at ₹10.33 crore in Interim Budget
Indian steel pipes maker Welspun Corp reported an over twelve-fold jump in third-quarter profit on T...
Ferrous 06-Feb-2024
Oil prices fell for the second day as economic headwinds weighed on global oil demand forecasts, out...
Energy 22-Jan-2024
Finance Minister Nirmala Sitharaman on Saturday said the initiatives of the Customs department, like...
Press Releases 27-Jan-2024
Vedanta Group's $894 million bond interest payment, which was due on February 9, was processed seven...
Large Corporate 26-Feb-2024
Indian exports increased 170% to 44 million tonnes last year, with the majority going to China at a...
Ferrous 23-Feb-2024
The company stated that there had been "constructive progress" in the talks, with various interventi...
Large Corporate 08-Feb-2024