The government is not contemplating any ban on steel exports, the Minister of State for Steel, Mr Vishnu Deo Sai, has told Parliament.

He also said that the government does not intervene in the pricing decisions of the steel companies. Consequently, domestic steel prices are market driven and depend on the demand-supply scenario and the intensity of competition. However, the Ministry of Steel is taking steps to make the raw materials like iron ore, coking coal and natural gas available at affordable prices so that the steel companies can become globally competitive.

The government came out with the National Steel Policy 2017, which laid down the broad roadmap for encouraging long-term growth in the Indian steel industry, both on the demand and supply sides, by 2030-31. The government has also implemented the preference to Domestically Manufactured Iron & Steel Products (DMI&SP) Policy which mandates a minimum domestic value addition of 15 per cent on the imported input steel to be eligible for big ticket government procurements and tenders, the Minister added.

 

Posted By Exim News Service.