Fine Ingot
Fine Ingot Indian Steel Industry News The National Steel Policy 2005 has projected India’s steel production capacity at 110 million tonnes by 2019-20. However, based on the investment sce...
Fine Ingot
The National Steel Policy 2005 has projected India’s steel production capacity at 110 million tonnes by 2019-20. However, based on the investment scenario in the steel sector, it has been further assessed that the steel production capacity in the country is likely to be 124.06 million tonnes by the year 2011-12.
During April-September last year, the government took a number of fiscal and administrative steps to control steel prices, in view of rising inflation in the economy. These include waiver of import duty on all non- alloy steel, pig iron, sponge iron, ferro-alloy, zinc and met coke; complete withdrawal of countervailing duty on Thermo Mechanically Treated (TMT) bars & structurals, imposition of export duty on certain iron and steel items as well as withdrawal of Duty Entitlement Pass Book (DEPB) facilities on certain steel items. As a result of various steps taken by the government, domestic steel process remained stable. During the period of July – August 2008, when steel prices in the international market remained at their all time high, domestic steel prices tumbled at Rs 8000 – Rs 10,000 lesser over the landed cost of import.
Gist of fiscal measures taken during the year for achieving price stability (April-September 2008)
• Import duty on all non-alloy steel, zinc, ferro-alloys and metcoke revised to “nil” from 5% with effect from 29.04.08.
• Countervailing Excise duty (CVED) withdrawn on TMT bars and structural.
• Export duty @ 15% imposed on 10.05.2008 on all flat products (HR, CR, GP/GC and pipe and tubes). This was subsequently withdrawn on 13.06.2008 on assurance of major steel producers.
• Export duty @15% imposed on 10.05.2008 on pig iron, sponge iron, scrap, ingots and all categories of non-alloy semi-finished steel.
• Export duty @ 10% was imposed on long products such as bars, wire rods, angles etc. on 10.05.2008. This was later revised to 15% with effect from 13.06.2008
• Ad valorem export duty of 15% imposed on iron ore of all categories and grades with effect from 13.06.2008
• 5% import duty on pig iron, semi-finished, flat and long category of products with effect from 18.11.2008
Measures to tackle global financial crisis (October 2008 onwards)
In order to tackle the effects of global financial crisis in the steel sector, the government has withdrawn all export duties on steel, reintroduced Duty Entitlement Pass Book (DEPB) benefits, and imposed 5% import duty on iron and steel items. Hot Rolled Steel has also been brought under ‘Restricted” category under Indian Trade Clarification Harmonized System of Coding {ITC (HC), so as to regulate its cheap imports. The key measures are summarized below:-
- Export duty on steel products withdrawn since 31.10.08 (except melting scrap)
- Import duty on steel products re-imposed at 5% from 18.11.08
- DEPB on steel items reintroduced since 14.11.08
- HR Coil brought under ‘Restricted Category’ to regulate its imports.
- Export duty in iron ore fines amended to Rs 200/- per tonne w.e.f. 31.10.2008 and further to 8% advalorem w.e.f. 7.11.2008. The export duty on iron ore fines was subsequently withdrawn whereas export duty on all other varieties of iron ore (including lump and pellets) was reduced to 5% advalorem w.e.f. 7.12.2008.
To address the likely problems arising out of the global melt down, five task forces coordinated by SAIL, have been set up to monitor- (i) production, (ii) ongoing modernization projects in SAIL, (iii) procurement of raw materials, (iv) monitoring import of coal and logistics and (v) financial management. These task forces are expected to help the PSUs in formulating strategies consistent with the existing market conditions.
Monitoring Steel Price:
A Steel Pricing Monitoring Committee (SPMC) has been set up for keeping track of the important aspects regarding steel price movements of various categories of steel, to discuss and analyze the variations, formulate strategy regarding future price based on an adaptive model and recommend strategies vis-à-vis steel production, consumption and trading. Ministry of Railways and NMDC Ltd have been co-opted as members of the SPMC. The Committee has been further enlarged with the incorporation of Federation of Association of Small Industries of India (FASII) as member, as recommended by the Parliamentary Standing Committee on Coal and Steel on Demand for Grants (2007-08) of the Ministry of Steel.
Resource Conservation of Iron Ore:
In the Group of Ministries meeting to consider National Mineral Policy 2008, there was an agreement that iron ore resources of the country should be conserved for the use of the domestic steel industry. In accordance with this and as an additional mobilization of revenue measure, an ad-valorem export duty of 15% was imposed on all varieties of iron ore, irrespective of Fe content w.e.f. 13th June 2008. Subsequently, considering reduction in export of iron ore, the export duty on iron ore fines has been withdrawn whereas on other types of iron ore, advalorem duty was reduced to 5% w.e.f. 7.12.2008.
About the Author:
Hi i am Vikas Sharma.I writes on behalf of epcworld.com. EPC world is a leading India’s magazine which give news on sectors like information technology, Aviation Industry mining and metals.I am associated with EPC world for last couple of years.
Article Source: ArticlesBase.com – Will steel regain its shine?
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