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India's Steel Ministry is attempting to improve reporting standards for import shipments and is expanding the reporting system. The Ministry's primary priorities include revamping the import reporting system and Steel Import Management Systems (SIMS), working on the Green Steel policy, and looking at alternate coking coal sourcing nations.
The SIMS site was created in 2019. The e-system, based on the US Steel Import Monitoring and Analysis model, gives the centre and stakeholders early knowledge regarding steel imports. Under this, importers of designated steel items are required to register ahead of time and supply the required data. Online registration is required. The Steel Ministry then monitors the import data on steel.
“We are working on strengthening reporting under the SIMS Portal, which will help increase import monitoring. We do have sufficient reason to believe that there have been instances where the true picture of import shipments or full/requisite details have not been provided deliberately. Hence, this rehaul is now among the top priorities for the Ministry,” an official said.
Steel imports into India stood at 8.3 million tonnes (MT), up 38% YoY for FY24, while exports stood at 7.4 MT, up 12%. According to a Steel Ministry report, India was a net importer of around 1 MT. Incidentally, exports have been depressed due to weak global conditions and stiff competition in Middle East markets following a glut of lower-priced offerings from China. Domestic demand (in India) remains strong. Consumption stood at 136 MT for FY24, up 14% YoY, against this finished steel production, which stood at 138.5 MT, up 12.4% YoY.
India is reportedly re-negotiating some of its FTA as it looks to monitor steel imports. According to a senior Ministry official, negotiations for ‘melt and pour’ are ongoing as an option to curb imports. In trade parlance, “country of melt and pour” refers to the original location where the raw steel is first produced in a steel-making furnace in a liquid state and then poured into its first solid shape.
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