📋 Tender Overview
India is the world’s second largest crude steel producer with production of 144.3 million tonnes crude steel in FY 2023-24. India was net importer of finished steel during 2023-24 with export of 7.49 million tonnes and import of 8.32 million tonnes. During the current financial year i.e. April-October 2024-25 (prov.), import and export of finished steel was 5.77 million tonnes and 2.75 million tonnes, respectively.
Steel is a de-regulated sector. The Government acts as a facilitator, by creating a conducive policy environment for the development of steel sector. Following measures have been taken by the Government to protect the domestic steel industry:-
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. BCD exemption on Ferrous Scrap and specified raw material for manufacture of CRGO steel has been continued upto 31.03.2026.
Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.
Launching 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. 29,500 crores with an additional capacity creation of around 25 million tonnes (MT) for specialty steel.
Revamping of Steel Import Monitoring System (SIMS) 2.0 for more effective monitoring of imports to address the concerns of domestic steel industry.
Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap.
Introduction of Steel Quality Control Order 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. As per the order, it ensured that only quality steels conforming to the relevant BIS standards is make 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.
