New Steel Policy: Two major updates have come today for the steel sector. The first is that an anti-dumping duty may be imposed on stainless steel seamless tubes and pipes imported from China. The Directorate General of Trade Remedies (DGTR) may soon make this decision based on a recommendation from Vedanta. Reporting the full story, CNBC-Awaaz’s Lakshman Roy explained that a duty on stainless steel imports from China is possible. Anti-dumping duty may be applied to these new products. DGTR has issued a notification regarding these products, following Vedanta’s request for an investigation.
Additionally, the second update is that drafts of two new policies for the steel sector have been prepared. These are the New Steel Policy 2025 and the Green Steel Procurement Policy. Feedback is being sought from the relevant ministries, and these policies may soon receive cabinet approval.
Green Steel Procurement Policy
Under this policy, the purchase of green steel will be mandatory in government tenders. There is a proposal to make procurement of up to 20% green steel compulsory. The policy also proposes procurement based on star ratings: 20% procurement of 3-star steel, 5% of 4-star steel, and 1% of 5-star steel will be mandatory.
New Steel Policy 2025
The New Steel Policy aims to increase steel production capacity to 400 million tons by 2035-36. Incentives will be provided for the adoption of new technologies. The policy will promote hydrogen-based steel production and boost production through electric arc furnaces. Emphasis will also be placed on overseas acquisitions to increase output. Drafts of both steel policies are currently circulating among ministries for feedback before being submitted as cabinet notes.
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