Steel Current Affairs - 2019
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The National Steel Policy that was released on November 8, 2019 aims at developing globally competitive steel industry. It aims at creating 300 million tons of steel per annum by 2030. The policy was released by Ministry of Steel
Objectives of the Policy
- The policy aims at promoting scientific collection and processing activities of recyclable ferrous and non-ferrous scraps.
- The objective of the policy is to produce high quality ferrous scrap that helps to increase high quality steel production.
- It also aims in relieving cities from Extra Low Voltages and boost the reuse of ferrous scrap. Extra Low Voltage systems are deployed in commercial and residential buildings for better security and control. It mainly consists of CCTV and Intercom.
- It also promotes the ‘6R’ principle. It includes Reduce, Recycle, Reuse, Recover, Remanufacture and Redesign
- The Policy provides guidelines for collection, shredding and dismantling activities in a safe and sound environment.
- The Policy will envisage a framework to establish metal scrapping centers in the country.
- It will help in setting up environmentally sound ferrous scrap handling systems.
- India is currently importing metal scraps from African countries. Around 70% of the metal scraps comes from these countries. The policy will help reduce dependency on imports.
Tags: High Quality Steel • Imports • Ministry of Steel • Steel • steel scrap recycling policy
For the first time in three years, India was the net importer of steel during the financial year 2018-19. This was attributed to India losing market share among its traditional steel buyers and an increase in imports of higher-quality steel domestically.
Indian Steel Exports
- Indian steel exports fell by 34 percent to 6.36 million tonnes in the fiscal year that ended in March 2019.
- India’s exports during the fiscal year 2018-19 declined after rival steelmakers in China, Japan, South Korea and Indonesia who were blocked from markets in the United States and Europe by tariffs and other protectionist measures, ate away at the India’s markets in the Middle East and Africa.
Indian Steel Imports
- During the 2018-19 financial year, India’s finished steel imports rose 4.7 percent to 7.84 million tonnes.
- Imports from the China, Japan, South Korea and Indonesia also increased as they diverted supply into India after the tarrif and other protectionist measures in the US and EU.
The Ministry of Steel has urged local automakers to cut Japanese and South Korean imports to support domestic producers but the automakers who are the biggest importers of the high-quality steel say they cannot get the quality of steel they need locally. On the other hand Indian steel companies have sought imposition of higher duties on imports.