New Steel Policy Roadmap
India targets 600 million tonnes steel capacity and greener production by 2047.
Anonymous
India plans to release a draft National Steel Policy for public consultation next week, replacing its 2017 framework with a roadmap to 2047. The draft targets more than 600 million tonnes of steelmaking capacity and over 500 million tonnes of consumption by 2047, with about 45 million tonnes expected to be exported directly or in steel-containing products. It proposes promoting decarbonisation, specialty steel and technology upgrades, including a ₹5,000 crore incentive scheme for smaller producers. The draft targets cutting emissions intensity from 2.54 to about 1.54 tonnes of carbon dioxide per tonne of crude steel. It also aims to secure iron ore and coking coal supplies and support domestic producers by addressing cheap, substandard imports, potentially through trade remedies.
Key Points
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Steel Secretary Sandeep Poundrik said a Carbon Credit Trading Scheme for larger steel producers is expected to be notified “very soon,” alongside the proposed incentive scheme for smaller producers.
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The government expects iron ore demand to reach 772 million tonnes and coking coal demand to reach 214 million tonnes; it plans to pursue foreign assets and joint ventures for high-grade iron ore and diversify coking-coal sourcing through overseas outreach and acquisitions.
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India was a net importer of finished steel in April–August, bringing in 3.5 million tonnes—up 29.5% from a year earlier—with China accounting for 31.8% of imports.
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Some 175 specialty-steel projects, involving investments of ₹55,000 crore, are already underway, with production aimed in part at grades used in automobiles, defence and aerospace.
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A separate steel-scrapping policy is also under inter-ministerial consultation, according to the Economic Times.
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