Ministry of Steel
IMPORTS OF STEEL
Posted On:
17 DEC 2024 4:01PM by PIB Delhi
Data on import of finished steel from Free Trade Agreement (FTA) countries, non-FTA countries and overall import during last three years and current year i.e., April-November 2024 (prov.) is given below and indicates that share of FTA countries in overall import was 60% in FY 2023-24 and 63% during the current year i.e., April-November 2024-25 (prov.) :-
|
Import of Finished Steel
Quantity (in million tonnes)
|
|
Country Group
|
2021-22
|
2022-23
|
2023-24
|
April-November
2024-25*
|
|
A. FTA
|
3.07
|
3.69
|
5.02
|
4.08
|
|
B. NON-FTA
|
1.60
|
2.33
|
3.30
|
2.43
|
|
TOTAL (A+B)
|
4.67
|
6.02
|
8.32
|
6.51
|
|
Share of FTA Countries
|
66%
|
61%
|
60%
|
63%
|
|
Source: Joint Plant Committee (JPC); *provisional;
|
Details of production and consumption of finished steel in the country during the last three years is shown below:-
|
Year
|
Finished Steel (in million tonnes)
|
|
Production
|
Consumption
|
|
2021-22
|
113.60
|
105.75
|
|
2022-23
|
123.20
|
119.89
|
|
2023-24
|
139.15
|
136.29
|
|
Source: JPC
|
The Government has taken the following steps to support the domestic steel Industry: -
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.
- Implementation of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of 'Specialty Steel' within the country and reduce imports by attracting capital investments. The anticipated additional investment under the PLI Scheme for Specialty Steel is Rs. 27,106 crores with downstream capacity creation of around 24 million tonnes (MT) for specialty steel.
- In the Union Budget 2024-25, Basic Customs Duty (BCD) has been reduced from 2.5% to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry and BCD exemption on Ferrous Scrap and specified raw material for manufacture of CRGO steel has been continued upto 31.03.2026.
- Revamping of Steel Import Monitoring System (SIMS) 2.0 for more effective monitoring of imports to address the concerns of domestic steel industry.
- Introduction of Steel Quality Control Order thereby stopping import of sub-standard/ defective steel to ensure the availability of quality steel to the industry, users and public at large. As per the order, it ensured that only quality steels conforming to the relevant BIS standards is made available to the end users. As on date, 151 Indian Standards stands notified under the Quality Control Order covering carbon steel, alloy steel and stainless steel.
This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.
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