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 Department of Commerce and the Ministry of Steel continue to be in disagreement over how much low-ash metallurgical coke, a critical raw ingredient for steel production, can be imported.
The Department of Commerce was encouraged by the Ministry of Steel, in a letter sent last week, to reject the Directorate General of Trade Remedies' most recent recommendations on the amount of raw material imports. According to the ministry, imposing import limits would not only disrupt supply for production and downstream industries but also raise steel prices. The steel industry, which has made significant investments in accordance with the government's goal of making India self-reliant, would suffer greatly from this.
This request was made by the Ministry of Steel following the Directorate General's investigation's final findings last week. The Directorate General advised placing one-year quantitative restrictions on metallurgical coke imports with less than 18% ash content. During the examination, there was an abrupt and significant surge in its imports.
The Department of Commerce stated that the Directorate General has evaluated the effects on the downstream industries, including alloy steel, pig iron, and steel. According to the assessment, the restriction would not significantly impact these industries.
The department stated, "These recommendations are under consideration by the Department of Commerce. The department consulted stakeholders on May 28, 2024. The department will make a decision after a thorough examination of all facts and circumstances, taking into account the views of various stakeholders, including the Ministry of Steel."
At the time of writing, the Ministry of Steel had not responded to an email sent for information regarding this matter. If the Directorate General of Foreign Trade notifies the Directorate General of Trade Remedies' recommendations, only 2.85 million tonnes of metallurgical coke can be imported annually.
Last week, five companies - Birla Coke, Jindal Coke, Saurashtra Fuels, Vedanta Malco Energy, and Visa Coke - alleged that the large-scale import of metallurgical coke in India was harming the domestic industry.
Also Read : India among the top 5 growth in steel output EU to extend safeguard measures on steel imports for another 2 years
The German steel sector demand for additional electricity for hydrogen electrolysis, regardless of l...
Europe 20-Jan-2024
The European Union (EU) and the United States are engaged in discussions to merge their efforts in e...
Europe 12-Feb-2024
According to Moody’s Ratings, India is planning to invest as much as $385 billion to meet its...
Renewables 06-Jun-2024
According to an analysis carried out for the first quarter of 2024 by financial information and anal...
Logistics 21-May-2024
Turkey's steel industry has recently experienced significant growth, with exports increasing by 27.6...
Business 04-Mar-2025
Indian automaker Tata Motors has revealed plans to increase prices across its range, including elect...
Large Corporate 22-Jan-2024