Ministry of Steel
LOW PRICE STEEL
Posted On:
18 MAR 2025 1:59PM by PIB Delhi
Steel is a deregulated sector and steel prices are determined by demand supply dynamics of market forces, global market conditions, trends in price of raw materials, logistics cost, power and fuel cost, etc. The Government acts as a facilitator, by creating a conducive policy environment for the development of steel sector including small and medium producers in the country. Government has taken following steps to facilitate the reduction of Steel imports and to improve the competitiveness of domestic steel manufacturers to reduce dependency on imports:-
- Launch 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 25 million tonnes (MT) for specialty steel.
- Introduction of steel Quality Control Orders thereby banning sub-standard/ defective steel products in domestic market as well as imports to ensure the availability of quality steel to the industry, users and public at large.
- Steel Import Monitoring System (SIMS) has been revamped and SIMS 2.0 was launched on 25.07.2024 for more effective monitoring of imports to address the concerns of domestic steel industry.
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.
- Anti Dumping Duty (ADD) measures pertaining to some steel products like seamless tubes, pipes and hollow profiles of iron, alloy, or non-alloy steel (other than cast iron and stainless steel) (from China PR), electro-galvanized steel (from Korea RP, Japan, Singapore), stainless-steel seamless tubes and pipes (from China PR), welded stainless steel pipes and tubes (from Vietnam and Thailand) are in place currently.
- Countervailing Duty (CVD) is in place for Welded Stainless Steel Pipes and Tubes from China and Vietnam.
There is sufficient reserve of iron ore in the country to meet the current demand/consumption by domestic steel industry. The production of Iron Ore in FY 2024 was more than 270 Million tons and the export were approximately 46 Million tons while the import was 4.9 Million tons, as per the data provided by IBM.
The Government has taken various steps to increase supply of minerals which include, inter-alia, Mining and Mineral Policy reforms to ensure enhanced production, early auction& operationalization of mines with expired leases, ease of doing business, seamless transfer of all valid rights & approvals, incentivizing for starting of mining operation & dispatch, transferring of mining leases, allowing captive mines to sell upto 50% of the minerals produced, enhancing the exploration activities etc.
Government has notified the Steel Scrap Recycling Policy in November, 2019. The policy provides a framework to facilitate and promote establishment of metal scrapping centres in India for scientific processing and recycling of ferrous scrap generated from various sources.
The details of country-wise imports of finished steel including from China since 2014 are at Annexure.
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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TPJ/NJ
Annexure
|
Country Wise Import of Finished Steel from 2014-15 to 2023-24 - Quantity (in '000 tonnes)
|
|
S. NO.
|
Country Name
|
2014-15
|
2015-16
|
2016-17
|
2017-18
|
2018-19
|
2019-20
|
2020-21
|
2021-22
|
2022-23
|
2023-24
|
|
1
|
CHINA
|
3,576
|
4,087
|
2,153
|
1,901
|
1,539
|
1,207
|
843
|
833
|
1,407
|
2,687
|
|
2
|
KOREA
|
1,869
|
3,005
|
2,103
|
2,473
|
2,931
|
2,687
|
1,947
|
2,009
|
2,228
|
2,670
|
|
3
|
JAPAN
|
1,583
|
2,158
|
1,136
|
1,176
|
1,271
|
1,018
|
560
|
664
|
841
|
1,274
|
|
4
|
VIETNAM
|
25
|
8
|
16
|
203
|
167
|
86
|
133
|
75
|
320
|
737
|
|
5
|
TAIWAN
|
190
|
202
|
247
|
271
|
262
|
165
|
186
|
194
|
163
|
185
|
|
6
|
NEPAL
|
96
|
54
|
10
|
9
|
3
|
6
|
6
|
9
|
59
|
120
|
|
7
|
INDONESIA
|
14
|
243
|
46
|
107
|
228
|
464
|
79
|
241
|
148
|
94
|
|
8
|
GERMANY
|
149
|
197
|
153
|
145
|
166
|
135
|
146
|
151
|
112
|
80
|
|
9
|
THAILAND
|
16
|
42
|
40
|
44
|
85
|
52
|
50
|
25
|
53
|
58
|
|
10
|
RUSSIA
|
226
|
364
|
291
|
150
|
126
|
71
|
63
|
55
|
313
|
53
|
|
11
|
UAE
|
34
|
36
|
30
|
24
|
21
|
21
|
21
|
24
|
12
|
52
|
|
12
|
AUSTRIA
|
19
|
127
|
160
|
13
|
13
|
13
|
71
|
9
|
10
|
52
|
|
13
|
SAUDI ARABIA
|
4
|
1
|
1
|
6
|
22
|
8
|
36
|
14
|
9
|
39
|
|
14
|
ITALY
|
55
|
28
|
33
|
110
|
58
|
81
|
33
|
34
|
31
|
23
|
|
15
|
USA
|
120
|
82
|
75
|
127
|
74
|
65
|
54
|
29
|
17
|
20
|
|
16
|
SWEDEN
|
26
|
21
|
29
|
33
|
24
|
23
|
27
|
39
|
48
|
20
|
|
17
|
HONGKONG
|
1
|
1
|
3
|
1
|
1
|
0
|
0
|
0
|
1
|
18
|
|
18
|
BELGIUM
|
126
|
96
|
76
|
99
|
118
|
74
|
56
|
28
|
33
|
17
|
|
19
|
ROMANIA
|
11
|
2
|
2
|
5
|
2
|
3
|
1
|
1
|
2
|
17
|
|
20
|
FRANCE
|
156
|
66
|
174
|
76
|
58
|
56
|
121
|
58
|
77
|
15
|
|
21
|
OMAN
|
0
|
46
|
1
|
9
|
7
|
4
|
12
|
5
|
7
|
11
|
|
22
|
KUWAIT
|
2
|
0
|
0
|
2
|
5
|
8
|
3
|
3
|
3
|
9
|
|
23
|
SOUTH AFRICA
|
71
|
52
|
23
|
40
|
41
|
22
|
15
|
8
|
5
|
7
|
|
24
|
FINLAND
|
12
|
12
|
9
|
13
|
14
|
9
|
5
|
5
|
7
|
6
|
|
25
|
CANADA
|
7
|
7
|
5
|
15
|
13
|
20
|
17
|
10
|
11
|
6
|
|
26
|
MALAYSIA
|
96
|
53
|
29
|
32
|
50
|
51
|
42
|
8
|
20
|
6
|
|
27
|
SPAIN
|
30
|
28
|
25
|
30
|
25
|
32
|
20
|
27
|
21
|
5
|
|
28
|
U.K.
|
30
|
31
|
16
|
43
|
20
|
17
|
11
|
6
|
5
|
4
|
|
29
|
CZECH REP
|
2
|
2
|
6
|
3
|
3
|
2
|
0
|
1
|
2
|
4
|
|
30
|
SINGAPORE
|
81
|
106
|
108
|
72
|
117
|
139
|
43
|
8
|
6
|
4
|
|
31
|
OTHERS
|
691
|
556
|
225
|
251
|
371
|
230
|
153
|
96
|
50
|
29
|
|
TOTAL
|
9,320
|
11,712
|
7,224
|
7,483
|
7,835
|
6,768
|
4,752
|
4,669
|
6,022
|
8,320
|
|
Source :Joint Plant Committee(JPC)
|
*****
(Release ID: 2112155)
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